The US Dollar declined by 59 basis points or 0.45% against the Canadian Dollar on Tuesday. The 200– hour simple moving average provided support for the exchange rate during yesterday’s trading session.
Everything being equal, the USD/CAD currency pair could continue to edge higher during the following trading session. Bullish traders are likely to target the 1.3220 level today.
However, the resistance level at the 1.3200 area could provide resistance for the currency exchange rate in the shorter term.