The US Dollar declined by 52 pips or 0.41% against the Canadian Dollar on Monday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
As for the near future, the exchange rate could continue to edge lower. Bearish traders might target the weekly support line at 1.2453 during the following trading session.
However, the daily support level at 1.2530 could provide support for the USD/CAD currency exchange rate within this session.
