During the last 24hrs, the US Dollar has depreciated about 72 base points against the Canadian Dollar. The currency pair breached both the 50– and 100-hour simple moving averages at the end of yesterday’s trading session.
Everything being equal, it is likely that the USD/CAD exchange rate will continue its decline within this session. The potential downside target will be near a swing low at 1.3120.
However, it is important to note that the US macroeconomic data releases scheduled at 12:30 GMT could influence the currency exchange rate movement during the following trading session.
