The US Dollar fell by more than 170 basis points or 1.24% against the Canadian Dollar on Thursday. The decline was stopped by a support cluster formed by the weekly and monthly PPs at 1.4011 during yesterday’s trading session.
Given that the currency pair has bounced off the support cluster, bulls could drive the price towards the weekly resistance level at 1.4168 during the following trading session.
However, the 50– and 100– hour simple moving averages near the 1.4138 area could provide resistance for the USD/CAD currency exchange rate within this session.
