The US Dollar declined by 86 basis points or 0.64% against the Canadian Dollar on Tuesday. The currency pair tested the monthly support line at 1.3278 during Tuesday’s session.

The exchange rate bounced off the monthly S1 at 1.3278 on Wednesday morning. Most likely, the USD/CAD pair will continue to edge higher during the following trading session.

However, the 200– period simple moving average at 1.3347 could provide resistance for the currency exchange rate in the short-term.

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