The US Dollar fell by about 60 basis points against the Canadian Dollar on Monday. The USD/CAD currency pair tested the weekly S1 at 1.3080 during yesterday’s trading session.
Everything being equal, the 50– hour simple moving average will likely guide the exchange rate further south today. The potential target for bearish traders will be at the 1.3050 area.
Although, the currency exchange rate might make a slight upward movement towards the monthly S1 at 1.3121 within the following trading session.
