The 50-hour simple moving average was providing support for the US Dollar against the Canadian Dollar at 1.3158 during the morning hours of Monday’s trading session.
If the support level continues to hold today, a surge towards a resistance line formed by the monthly pivot point at 1.3228 could be expected during the following trading session.
However, the upper boundary of a dominant descending channel at 1.3195 could provide resistance for the currency exchange rate.
In the meantime, technical indicators flash bullish signals on the 4(H) time frame chart.
