The US Dollar declined by 213 basis points or 1.50% against the Canadian Dollar on Thursday. The currency pair breached the 50-, 100– and 200– period SMAs during yesterday’s trading session.
Currently, the exchange rate is testing a support level formed by the weekly S1 at 1.3918.
If the support line holds, the USD/CAD pair could make an upward move within this session.
However, if the currency exchange rate breaks the weekly S1, bearish traders would aim for the 1.3850 area during the following trading session.
