The US Dollar declined by 76 basis points or 0.56% against the Canadian Dollar on Monday. The currency pair breached the monthly support level at 1.3425 during yesterday’s trading session.
As for the near future, the USD/CAD exchange rate could edge higher. The potential target for bullish traders would be near the 200– hour simple moving average at 1.3571.
However, the 100– period SMA at 1.3461 could provide resistance for the currency exchange rate within this session.
