The US Dollar soared by 53 pips or 0.41% against the Canadian Dollar on Monday. The surge was stopped by the 200– hour simple moving average during yesterday’s trading session.
Tuesday’s trading session opened with bearish momentum. Most likely, bears will continue to pressure the exchange rate lower today. The potential target would be at the weekly S2 at 1.2983.
However, a support level at 1.3037 could provide support for the currency exchange rate in the shorter term.
