The US Dollar declined by 29 pips or 0.21% against the Canadian Dollar on Monday. The 50– hour simple moving average pressured the currency pair lower during yesterday’s trading session.
Tuesday’s trading session began with bullish momentum. A breakout occurred through the upper boundary of a descending channel pattern on Tuesday morning. Most likely, bullish traders could continue to pressure the USD/CAD exchange rate higher.
However, the weekly pivot point at 1.3596 could prevent bulls from pushing the currency exchange rate higher today.
