The US Dollar depreciated about 63 base points against the Canadian Dollar on Monday. The decline was stopped by a support cluster formed by the combinations of the weekly and the monthly PPs at 1.3317.
Everything being equal, it is likely that the currency exchange rate surge today. The potential upside target will be at the 50-hour simple moving average at 1.3354. Moreover, technical indicators flash strong buy signals on the daily time-frame chart.
Although, the US macroeconomic data releases at 12:30 GMT could change the overall positioning of the USD/CAD currency pair within this session.
