USD/CAD Analysis: Tests support at 1.3050
|USDCAD
The US Dollar appreciated about 69 base points against the Canadian Dollar on Tuesday. The currency pair tested the upper line of a descending trendline at 1.3092 at the end of yesterday's trading session.
After testing the upper line of the downtrend line, the exchange rate made a U-turn south. Currently, the pair is testing a support cluster formed by the 50– and 100-hour SMAs at 1.3054.
Technical indicators demonstrate that the USD/CAD currency exchange rate could continue its downward swing during the following trading session.
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