During Monday’s trading session, the US Dollar declined by 39 pips or 0.32% against the Canadian Dollar. The currency pair breached the 200– hour simple moving average on Monday.
The exchange rate is currently trading near the lower boundary of an ascending channel pattern at 1.2083.
If the channel pattern holds, the USD/CAD pair could target the weekly resistance level at 1.2133 today.
However, if the currency exchange rate breaks the ascending channel pattern, a decline towards the weekly support line at 1.2020 in this session.
