The US Dollar depreciated by 94 basis points or 0.70% in value against the Canadian Dollar on Monday. The currency pair breached the weekly and the monthly PPs at the 1.3359 area during yesterday’s trading session.
Everything being equal, the exchange rate will most likely continue to edge lower. The possible target for bears would be near the monthly support level at 1.3244 within this session.
Although, the currency exchange rate has to surpass the 200– hour simple moving average support level before reaching the target, as mentioned above.
