The US Dollar has depreciated about 63 base points against the Canadian Dollar since Tuesday trading session.
This bearish momentum continues to dominate the currency pair during the first half of today’s session. Currently, the rate is moving towards the lower boundary of an ascending trendline at 1.3080.
However, technical indicators flash a mix signals. The technical sentiment demonstrates that the currency exchange rate will surge within this session.
The basic reason this decline was apparent in the morning session on Wednesday was that of the US midterm election results.