The US Dollar depreciated about 37 basis points against the Canadian Dollar on Monday. Meanwhile, the overall market sentiment remained bearish during the first part of today’s trading session.
Technical indicators demonstrate that the USD/CAD exchange rate will most likely surge during the following trading session. The potential target for bearish traders would be at the monthly pivot point at 1.3251.
However, a support cluster formed by the weekly PP and the 200– hour simple moving average near the 1.3278 regions could provide support for the currency exchange rate today and help push the price higher.
