The US Dollar has declined by 110 pips or 0.77% against the Canadian Dollar since yesterday’s trading session. The currency pair tested the 100– hour simple moving average support level at 1.4127 on Thursday morning.
If the exchange rate surpasses the support level formed by the 100– hour SMA, the next target for the USD/CAD pair would be at the 1.4058 area.
However, if the 100– hour SMA holds, bullish traders will most likely guide the currency exchange rate towards the psychological resistance line at 1.4300 during the following trading session.
