The US Dollar surged by 68 points or 0.51% against the Canadian Dollar on Tuesday. The bullish run was stopped by the 100– hour simple moving average during yesterday’s trading session.
Currently, the exchange rate is trading near a resistance level formed by the 50– hour SMA at 1.3372.
If the resistance line holds, a decline towards the weekly support level at 1.3310 could be expected today.
However, if the currency exchange rate breaks the 50– hour SMA, bullish traders could target the 1.3440 area during the following trading session.
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