The US Dollar declined more than 100 pips or 0.73% against the Canadian Dollar on Tuesday. The currency pair was pressured lower by the 50– hour simple moving average during yesterday’s trading session.
Given that the exchange rate has breached the weekly support level at 1.3973, bearish traders could continue to dominate the USD/CAD pair during the following trading session. The possible target for the pair would be at the weekly S2 at 1.3853.
A potential upside reversal could occur from the weekly S2, as mentioned above, within this session.
