The USD/CAD currency pair bounced off the lower boundary of a falling wedge pattern at the end of Friday’s trading session. The US Dollar tried to surpass a resistance level formed by the 50-hour simple moving average at 1.3100 during the Asian session on Monday.
If the Greenback versus the Loonie breaks the 50-hour SMA resistance level, a surge towards the 1.3163 could be the next target.
However, if the 50-hour SMA and the upper boundary of the falling wedge pattern holds, the currency exchange rate will continue its decline during the following trading session.
