During the first half of Monday’s trading session, the US Dollar rose by 69 pips or 0.54% against the Canadian Dollar. However, the currency pair erased the earlier gains during the end of the day.
Everything being equal, the USD/CAD exchange rate could continue to decline in a descending channel pattern today. The possible target for bearish traders will be near the weekly S1 at 1.2572.
However, the 200– hour simple moving average at 1.2640 could still provide support for the currency exchange rate within this session.
