The US Dollar declined by 155 points or 1.13% against the Canadian Dollar on Monday. A breakout occurred through the lower boundary of an ascending channel pattern during Monday’s trading session.
Given that a breakout had occurred, the USD/CAD exchange rate could continue to decline throughout the following trading hours. The potential target for the currency pair would be at the 1.3450 area.
However, the 200– period SMA at 1.3490 could provide support for the currency exchange rate within Tuesday’s trading session.
