The US Dollar has declined by 89 pips or 0.67% against the Canadian Dollar since Monday’s trading session. The currency pair was pressured lower by the 100– hour simple moving average.
The USD/CAD exchange rate is currently testing the weekly support level at the 1.3171 area.
If the support line holds, bulls are likely to pressure the price towards the 1.3240 level within this session.
However, if the currency exchange rate breaks the weekly S1, a decline towards the 1.3100 mark could be expected.
