The US Dollar traded sideways against the Canadian Dollar on Monday. The 50– hour simple moving average provided resistance for the exchange rate during yesterday’s trading session.
If the USD/CAD currency pair breaks a resistance level formed by the 50– hour SMA at 1.3133, a surge towards the 1.3200 area could be expected within this session.
However, if the resistance level holds, bearish traders could continue to pressure the currency exchange rate lower during the following trading session.
