The USD/CAD started the week by a low opening near the 1.2750 level. Previously, the rate tested the resistance of the 1.2800 mark. In general, the rate traded sideways, as it was looking for direction.
In the near term future, the rate could be pushed up by the support of the 50-hour simple moving average, which on Monday morning was located near the 1.2715 level. A potential surge might once again test the resistance at 1.2800.
On the other hand, a decline below the simple moving average might result in a decline to the lower trend line of a channel up pattern and the 1.2700 mark.
