The US Dollar declined about 0.40% in value against the Canadian Dollar on Wednesday. The currency pair was pressured by the 200-hour simple moving average during yesterday’s trading session.
The exchange rate was stranded between SMAs during the European trading session on Thursday. The 50-hour SMA at 1.3960 was providing resistance, while the 100-hour SMA was providing support for the pair at 1.3049.
By and large, a breakout could occur within this session. Most likely, the USD/CAD currency exchange rate will continue its southern movement during the following trading session.