The US Dollar has plunged by 108 points or 0.80% against the Canadian Dollar since Monday’s trading session. The currency pair breached the weekly support level at 1.3504 on Tuesday morning.
As for the near future, the USD/CAD exchange rate will most likely continue to edge lower. Bearish traders could target the 1.3460 level during the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 1.3506 and make a brief upside moves within this session.
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