The US Dollar continued to trade sideways movement against the Canadian Dollar on Wednesday. The 50-hour simple moving average provided support for the currency pair during yesterday’s trading session.
Given that the exchange rate had breached the 50-hour SMA, it is likely that bearish traders could drive the pair towards a support cluster formed by the weekly R1 and the 100-hour moving average at 1.3108 within this session.
If the support cluster holds, the USD/CAD currency exchange rate will continue its upside momentum until the end of this week trading sessions.
