The US Dollar has declined by 93 basis points or 0.77% against the Canadian Dollar since yesterday’s trading session. The currency pair breached the 200– hour SMA on Tuesday morning.
Most likely, the exchange rate could continue to edge lower during the following trading session. The potential target for bears would be near the weekly support level at 1.2980.
However, the 200– hour simple moving average at 1.3075 could provide support for the currency exchange rate within this session.
