The US Dollar depreciated by 68 basis points against the Canadian Dollar on Monday. The currency pair tested a support level formed by the weekly S1 at 1.3122 during yesterday’s trading session.
Given that the USD/CAD exchange rate has bounced off the weekly S1, bullish traders could continue to pressure the price higher within today’s session. A potential breakout through the upper boundary of a descending channel pattern at 1.3181 could occur within this session.
However, technical indicators suggest that the currency exchange rate will edge lower during the following trading session.
