The US Dollar appreciated about 68 base points against the Canadian Dollar on Wednesday. The surge was stopped by the weekly pivot point at 1.3351 during yesterday’s trading session.
As for the near future, it is likely that the USD/CAD exchange rate will edge lower towards a support cluster formed by the combination of the 50– and 100-hour SMAs at 1.3291.
If the support cluster holds, the currency exchange rate could continue its upside movement during the following trading session.
