Since yesterday’s trading session, the US Dollar has edged lower by 52 pips or 0.43% against the Canadian Dollar. The currency pair breached the 50– hour simple moving average on Monday.
All things being equal, the exchange rate is likely to continue to edge lower within the following trading session. The potential target for bearish traders could be near the weekly support level at 1.2000.
However, the USD/CAD currency exchange rate would encounter a barrier at 1.2022 during the following trading session.
