The US Dollar declined by 56 pips or 0.45% against the Canadian Dollar on Wednesday. The currency pair was pressured lower by the 50– hour simple moving average during yesterday’s trading session.
Everything being equal, the USD/CAD exchange rate could continue to trend lower during the following trading session. The potential target for sellers will be near the 1.2240 level.
However, the currency exchange rate might rebound from the current price level at 1.2300 within this session.
