Since Monday’s trading session, the US Dollar has appreciated about 80 base points against the Canadian Dollar. The currency pair breached both the 50-, 100– and 200– hour SMAs during yesterday’s session.
Everything being equal, it is likely that the USD/CAD exchange rate could aim for the 1.3195 area within this session.
However, the currency exchange rate needs to surpass a resistance line formed by the weekly R1 at 1.3137 during the following trading session.
Meanwhile, technical indicators suggest that the pair might make a downside reversal today.
