During the past 24 hours, the US Dollar has appreciated about 75 base points against the Canadian Dollar. The pair was pressured up by the three SMAs, which were providing support for the rate at 1.3447.
The currency pair was trading near a resistance cluster formed by the weekly and the monthly PPs at 1.3512 during the first half of Wednesday’s trading session.
If the exchange rate passes the resistance cluster, buyers would be ready to push the pair towards the 1.3550 marks in the short-term.
However, if the resistance cluster as mentioned earlier holds, a re-tests of the 50.00% Fibonacci retracement level at 1.3430 will be possible today.
