The US Dollar plunged by 111 pips or 0.83% against the Canadian Dollar on Wednesday. The currency pair breached the weekly support level at 1.3259 during Wednesday’s trading session.
Technical indicators suggest selling signals on all time-frame. Most likely, sellers will continue to pressure the USD/CAD exchange rate lower during the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 1.3234 and target the 50– hour simple moving average today.