The US Dollar appreciated about 78 base points against the Canadian Dollar on Thursday. The surged was stopped by a resistance level formed by the 200-hour simple moving average at 1.3238.
As for the near future, it is likely that the currency exchange rate will edge lower towards a support level at 1.3182.
A potential upside movement could be expected from the support level as mentioned above.
However, technical indicators demonstrate that the USD/CAD exchange rate will end this week’s trading session with a decline.