The US Dollar traded with low volatility against the Canadian Dollar on Monday. The 50– hour simple moving average provided resistance for the currency pair at 1.3060, while the 100– hour SMA provided support at 1.3036.
The USD/CAD exchange rate is currently trading near the upper boundary of a dominant descending channel pattern at 1.3067.
If the dominant channel holds, a decline towards the weekly pivot point at 1.3036 could be expected today.
However, given that the 50-, 100– and 200– hour SMAs are below the price level, a breakout might occur within the following trading session.
