The US Dollar declined by 51 points or 0.38% against the Canadian Dollar on Thursday. The 50– hour simple moving average pressured the currency pair lower during Thursday’s trading session.
Bears could continue to pressure the USD/CAD exchange rate lower during the following trading session. The potential target for bearish traders would be near the psychological level at 1.3180.
However, if the currency exchange rate breaks the 50– hour SMA resistance level at 1.3246, a surged towards the 1.3260 level could be expected within the session.
