The US Dollar declined by 56 pips or 0.46% against the Canadian Dollar on Wednesday. The currency pair breached the 50– and 200– hour SMAs during yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders will be near the 1.2000 level.
However, the currency exchange rate might reverse from the current price level at 1.2040 and aim at the 1.2100 area in this session.
