The Canadian Dollar depreciated about 0.94% against the US Dollar on Thursday. The exchange rate made bounced off a support cluster formed by the weekly PP and the 50-hour simple moving average at 1.2955 during the first part of yesterday’s trading session.
Presently, the currency pair has tested a support cluster formed by the 61.80% Fibonacci retracement level and the 50-hour SMA at 1.3016.
Given that the price has breached the support level as mentioned above, the next target for the rate will be the 100-hour SMA at 1.2985.
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On the other hand, the currency exchange rate could reverse from current price level and aim at the 50.00% Fibo at 1.3057 today.
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