The US Dollar declined by 35 basis points or 0.26% in value against the Canadian Dollar on Tuesday. The currency pair tested the 50– hour simple moving average at 1.3264 during yesterday’s trading session.
The exchange rate continued to decline during the European trading session on Wednesday. The pair breached a support cluster at 1.3278.
Most likely, Bearish traders could aim for the 100– hour simple moving average at 1.3251.
A potential upside reversal could occur from the 100– hour SMA support level within the following trading session.
