The US Dollar declined by 39 pips or 0.32% against the Canadian Dollar on Monday. The currency pair was pressured lower by the 50– and 200– hour SMAs during Monday’s trading session.
Technical indicators suggest selling signals. The exchange rate could continue to edge lower during the following trading session. Sellers are likely to target the weekly support level at 1.2018.
However, bearish traders could encounter a support line at 1.2032 within this session.
