During Wednesday’s trading session, the US Dollar declined by 38 pips or 0.28% in value against the Canadian Dollar. The currency pair was pressured lower by the 50– and 100– hour SMAs on Wednesday.
The exchange rate bounced off the weekly support level at 1.3212 during the morning hours of Thursday’s trading session. Most likely, the USD/CAD pair will target the 200– hour simple moving average at 1.3261 today.
However, the 50– and 100– hour SMAs could provide resistance for the currency exchange rate within the following trading session.