The US Dollar has declined by 80 pips or 0.63% against the Canadian Dollar since last Friday. The currency pair breached the support level at 1.2487 during the London session on Monday.
Given that the exchange rate has breached the 1.2487 area, bearish traders are likely to continue to pressure the USD/CAD pair lower during the following trading session.
However, a support level at 1.2445 could provide support for the currency exchange rate within this session.
