The US Dollar declined by 174 points or 1.33% against the Canadian Dollar during the first part of yesterday’s trading session. However, the exchange rate rebounded by the end of the day.
As for the near future, the exchange rate could continue to edge lower. Bearish traders could drive the USD/CAD pair towards the 1.3050 level during the following trading session.
Though, a strong support level at the 1.3100 level could provide support for the currency exchange rate in the short term.
