The US Dollar edged lower by 113 pips or 0.91% against the Canadian Dollar on Wednesday. The 50– hour simple moving average pressured the currency pair lower during yesterday’s trading session.
Everything being equal, the exchange rate could continue to trend bearish during the following trading session. Bearish traders might target the weekly support level at 1.2200.
However, the currency exchange rate could reverse from the 1.2284 level within this session.