On Wednesday, the US Dollar declined by 96 pips or 0.75% against the Canadian Dollar. The decline was stopped by the 200– hour simple moving average during yesterday’s trading session.
By and large, the exchange rate could continue to trade in an ascending channel pattern within this session. The potential target for the currency pair would be near the 1.2900 level.
However, the 50– hour SMA at 1.2782 could provide resistance for the USD/CAD currency exchange rate during Thursday’s trading session.