The US Dollar declined by 91 pips or 0.72% against the Canadian Dollar on Tuesday. The currency pair breached the 200– hour simple moving average during yesterday’s trading session.
As for the near future, the exchange rate could continue to decline in a descending channel pattern. The potential target for bears would be near the weekly S1 at 1.2552.
However, the 200– hour SMA at 1.2617 could provide support for the currency exchange rate today.
