The USD/CAD exchange rate bounced off support cluster at 1.4030 during Wednesday’s trading session. As a result, the Greenback surged by 148 pips or 1.06% against the Lonnie on Wednesday.
The currency pair is currently testing a support cluster formed by the 50– and 100– hour SMAs at 1.4081.
If the support cluster holds, bullish traders would aim for the weekly R1 at 1.4185 within this session.
However, if the currency exchange rate breaks the 50– and 100– hour SMAs, a decline towards the psychological support line at 1.4000 could be expected today.
