The US Dollar declined by 90 pips or 0.67% against the Canadian Dollar on Thursday. The currency pair breached the 50– hour simple moving average during Thursday’s trading session.
As for the near future, the USD/CAD exchange rate could make a U-turn from the support cluster formed by the monthly R1 and the 50– hour SMA near the 1.3311 level.
However, if the currency exchange rate breaks the support cluster, bearish traders might pressure the price towards the 1.3255 area during the following trading session.
