Downside risks prevailed in the market on Wednesday, thus sending the US Dollar to declined about 90 base points against the Canadian Dollar. The cause of the drop was mostly related to the US FOMC meeting.
Everything being equal, it is likely that the USD/CAD currency pair will regain some of its lost position within this trading day. Bullish traders could push the exchange rate towards a resistance line formed by the 200-hour simple moving average at the 1.3342 area.
However, the monthly pivot point at 1.3318 could hinder the currency exchange rate to hit the predicted numbers within this session.
