The US dollar fell 95 basis points or 0.70% against the Canadian dollar on Tuesday. The currency pair breached the weekly S2 of 1.3536 during yesterday’s trading session.
Most likely, the exchange rate will continue to decline during the following trading session. In addition, technical indicators flashing signals on both the smaller and larger timeframes are flashing.
However, the exchange rate is expected to make a brief pull back to the 50-hour simple moving average of 1.3570 within the next 24 hours.