The US Dollar made about 40 basis points movement against the Canadian Dollar on Wednesday. The exchange rate breached the weekly S1 at 1.3080 during Wednesday’s trading session.
The 50– hour simple moving average will likely continue to guide the currency pair lower in the shorter term.
Bearish traders might target a support level formed by the weekly S2 at 1.3039 within this session.
However, given that the currency exchange rate is currently trading near the upper boundary of a descending channel, a breakout might occur in the nearest future.
