The US Dollar traded with high volatility against the Canadian Dollar on Tuesday. The Greenback lost about 93 base points during the first part of yesterday’s trading session. Nevertheless, during the last 24 hours, the currency pair had regained its lost positions.
In regards to the near-term future, most likely, the currency exchange rate will surge towards the weekly pivot point at 1.3424. It is important to note that the 50– and 100-hour SMAs should support the surge within this session.
However, Wednesday’s US macroeconomic data releases might add more pressure to the currency exchange rate.
