The US Dollar edged higher by 48 basis points or 0.37% against the Canadian Dollar on Monday. The surge was stopped by the 50– hour simple moving average during yesterday’s trading session.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Most likely, the exchange rate could keep falling in a descending channel pattern during the following trading session.
However, the lower line of the descending channel pattern could provide support for the currency exchange rate in the shorter term.
