The US Dollar declined by 72 pips or 0.53% against the Canadian Dollar on Wednesday. The 50– hour simple moving average guided the currency pair during yesterday’s trading session.
Everything being equal, the exchange rate could slide lower during the following trading session. The potential target for bears would be near the weekly support line at the 1.3450 level.
However, the currency exchange rate is still likely to make a brief retracement towards the 1.3595 mark within this session.
