Downside risks dominated the USD/CAD currency pair during Monday’s trading session. As a result, the US Dollar fell by 97 pips or 0.78% against the Canadian Dollar on Monday.
Everything being equal, the exchange rate is likely to continue to edge lower. Bearish traders could target the weekly support level at 1.2335 during the following trading session.
However, a support line at 1.2384 could provide support for the currency exchange rate in the shorter term.
