The US Dollar surged by 153 pips or 1.08% in value against the Canadian Dollar on Wednesday. The currency pair tested the 200– hour simple moving average at 1.4234 during Wednesday’s trading session.
After the exchange rate tested the 200– hour SMA, the USD/CAD pair made a downside reversal. Most likely, the pair will continue to trade south until it reaches the monthly pivot point at 1.4013.
Furthermore, technical indicators suggest that bearish traders would continue to dominate the currency exchange rate during the following trading session.
