USDCAD Analysis: Decline continues
|USDCAD
Downside momentum has continued to dominate the USD/CAD currency pair. The US Dollar depreciated about 82 base points against the Canadian Dollar on Tuesday trading session.
Given that the 50-, 100– and 200-hour SMAs are above the price, it is likely that the exchange rate continues its southern journey during the following trading session. The potential target for the pair could be near the weekly S2 at 1.2863.
On the other hand, the rate could reverse from current price level and aim at the 50– and 200– hour simple moving averages ay 1.2974 within this session.
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