The US Dollar declined by 95 basis points or 0.70% against the Canadian Dollar on Tuesday. The currency pair breached the weekly S2 at 1.3536 during yesterday’s trading session.
Most likely, the exchange rate will continue to edge lower during the following trading session. Moreover, technical indicators flash selling signals on both the smaller and the larger time-frame charts.
However, the currency exchange rate is expected to make a brief pullback towards the 50– hour simple moving average at 1.3570 within the next 24 hours.