After the US Dollar tested a resistance level at 1.3340, the currency pair made a U-turn south. The Greenback has depreciated about 0.50% in value against the Loonie since yesterday’s trading session.
Currently, the exchange rate is testing a support level formed by the 50– hour simple moving average at 1.282. If this support line holds, the bullish traders could aim for a retest of the monthly R2 at 1.3340 today.
Furthermore, technical indicators suggest that the currency exchange rate might edge higher within this session.
