The US Dollar depreciated about 0.50% against the Canadian Dollar on Tuesday. The currency pair tested the 200-hour simple moving average at 1.3355 during Tuesday’s trading session.
Everything being equal, it is likely that the USD/CAD currency pair will continue its decline in the descending channel pattern during the following trading session. Moreover, the 200-hour SMA is providing resistance for the pair at 1.3368.
On the other hand, the currency exchange rate could reverse from the current price level at 1.3364 and aim for a resistance cluster at 1.3388.
