The US Dollar depreciated about 74 base points against the Canadian Dollar on Thursday. The currency pair breached both the 50-, 100– and 200-hour SMAs during yesterday’s trading session.
As for the near future, it is likely that the exchange rate will continue its downward swing. The potential target for bearish traders will be near the weekly S1 at the 1.2983 regions.
Furthermore, technical indicators suggest bearish signals on both the smaller and the larger time frame charts.