Upside risks dominated the USD/CAD currency pair on Tuesday. The US Dollar appreciated about 105 base points against the Canadian Dollar by the end of yesterday’s trading session.

However, after reaching near a resistance level formed by the weekly R2 at 1.3500, the exchange rate began to decline.

Technical indicators demonstrate that the bullish momentum is likely to continue within this session.

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Nevertheless, it is expected that the currency exchange rate makes a brief retracement towards the 50-hour SMA at 1.3420 today.

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