On Wednesday, the US Dollar declined by 46 pips or 0.37% against the Canadian Dollar. The 50– hour simple moving average pressured the currency pair lower during Wednesday’s trading session.
Technical indicators suggest selling signals on the 4H and daily time-frame charts. Most likely, the exchange rate could continue to trend lower in a descending channel pattern within the following trading session.
However, the currency exchange rate could find support at 1.2425 during Thursday’s trading session.
