The US Dollar appreciated about 50 base points against the Canadian Dollar during the first half of yesterday's trading session. However, after testing a resistance cluster at 1.3088, the exchange rate made a U-turn south. As a result, the pair lost about 0.51% in value.
By and large, most likely, the currency exchange rate might continue its southern movement within this session. The possible target for bearish traders will be near the weekly S2 at 1.2980.
Moreover, technical indicators suggest that the currency pair might end this week's trading sessions with a decline.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.