The US Dollar has appreciated about 0.46% in value against the Canadian Dollar since Friday’s trading session. The 50– hour simple moving average has been guiding the currency pair higher since last week’s session.
All things being equal, the USD/CAD exchange rate will likely make a downside retracement within Monday’s trading session. The potential target will be at a support cluster at 1.3200 area.
The currency exchange rate could make an upward reversal from the support cluster, formed by the weekly pivot point and the 50– hour SMA at the 1.3200 in the nearest future.
