The US Dollar declined by 76 basis points or 0.59% against the Canadian Dollar on Tuesday. The decline was stopped by the weekly S1 at 1.2703 during yesterday’s trading session.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Most likely, the currency pair could continue to edge lower within Wednesday’s trading session.
However, the weekly support level at 1.2703 could still provide support for the USD/CAD currency exchange rate in the short-term.
