The US Dollar appreciated about 63 basis points against the Canadian Dollar on Wednesday. The 50– hour simple moving average provided support for the currency pair at 1.3240 during yesterday’s trading session.
As for the near future, the USD/CAD exchange rate will likely aim for a resistance level formed by the weekly R1 at 1.3337.
If the resistance level holds, a brief retracement towards the 1.3320 area could follow within the next trading session.
However, technical indicators suggest that the currency exchange rate is likely to trade sideways today.