The US Dollar has appreciated about 90 base points against the Canadian Dollar since yesterday’s trading session. The currency pair breached the three moving averages on Wednesday.
The exchange rate tested the 61.80% Fibonacci retracement level at 1.3454. The Fibonacci retracement level can be measured by connecting the high at 1.3514 and the low at 1.3358.
Given that the currency exchange rate has passed the 61.80% Fibo, the pair will target a psychological resistance level at 1.3500 today.