The US Dollar fell by 38 pips or 0.31% against the Canadian Dollar on Thursday. The decline was stopped by the 200– hour simple moving average at 1.2083 during yesterday's trading session.
If the support level formed by the 200– hour SMA holds, bullish traders could push the USD/CAD exchange rate higher towards the weekly R1 at 1.2134 within this session.
However, if the currency exchange rate breaks the support level, a decline towards the 1.2040 area could be expected today.
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