The US Dollar has declined by 61 pips or 0.49% against the Canadian Dollar since Friday’s trading session. The USD/CAD currency pair broke the 1.2470 level on Monday morning.
The exchange rate is likely to continue to edge lower during the following trading session. The possible target for bearish traders will be near the weekly support level at 1.2405.
However, the currency exchange rate could reverse from the current price level at 1.2460 and aim for the 200– hour SMA at 1.2520 within this session.
