The US Dollar has appreciated by about 42 basis points against the Canadian Dollar since yesterday’s trading session. The exchange rate tested the 38.20% Fibonacci retracement level at 1.3237 during the morning hours on Tuesday.
If the 38.20% Fibo holds, a breakout from an ascending trendline could occur within this session.
However, the currency exchange rate would have to surpass the 50– hour simple moving average, located near the 1.3223 area.
Although, the USD/CAD pair will likely target the 61.80% Fibonacci retracement level at 1.3279 today.
