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