The US Dollar declined by 114 points or 0.86% against the Canadian Dollar on Wednesday. The 100– hour simple moving average provided support for the currency pair during Wednesday’s trading session.
If the 100– hour SMA holds, bullish traders could pressure the exchange rate higher during the following trading session.
However, if the currency exchange rate breaks the support level, a decline towards the 200– hour SMA at 1.3102 could be expected before the end of Thursday’s trading session.
