The US Dollar traded sideways movement against the Canadian Dollar on Thursday. The 50-hour simple moving average provided resistance for the currency pair at 1.3250 during Thursday’s trading session.
Everything being equal, it is likely that the currency exchange rate continues to edge lower during the following trading session.
Bearish traders could push the USD/CAD currency pair towards a support cluster formed by the combination of the weekly and the monthly pivot points at 1.2985 before the end of this week’s session.
