The US Dollar declined by 130 basis points or 0.93% against the Canadian Dollar on Monday. The currency pair was pressured lower by the 50– and 100– hour SMAs during yesterday’s trading session.
Everything being equal, bears could continue to pressure the USD/CAD pair lower within this session. The possible target for the exchange rate will be near a psychological support level at 1.3750.
However, the weekly support line at 1.3833 could provide support for the currency exchange rate during the following trading session.
