USD/CAD Fails To Break 1.2560 Level

Technical analysis of Forex market

On Tuesday, the US Dollar edged lower by 65 pips or 0.51% against the Canadian Dollar. The decline was stopped by the support level at 1.2560 during Tuesday’s trading session.

Given that the exchange rate fails to break the support line at 1.2560, bullish traders might drive the USD/CAD currency pair higher within the following trading session.

However, the 50– hour simple moving average at 1.2598 could provide resistance for the currency exchange rate within this session.