The US Dollar is gradually edging lower in a descending channel pattern against the Canadian Dollar. The currency pair declined by 30 points or 0.24% during the morning hours on Monday.
All things being equal, the exchange rate could continue to decline in the descending channel pattern during the following trading session. The potential target for bears would be near the 1.2800 area.
However, the 200– hour simple moving average at 1.2808 could provide support for the USD/CAD currency exchange rate in the shorter term.
