The US Dollar declined by 64 pips or 0.49% against the Canadian Dollar on Wednesday. The currency pair breached the monthly support level at 1.3146 during Wednesday’s trading session.
Given that the 50-, 100– and 200– hour SMAs are above the price, the USD/CAD exchange rate is likely to continue to edge lower during the following trading session.
However, the currency exchange rate could make a brief retracement towards the weekly pivot point at 1.3190 in the short-term.
