The US Dollar traded sideways against the Canadian Dollar on Monday. The currency pair was moving within a trading range of 1.3287 and 1.3254 during the previous session.
Everything being equal, it is likely the currency pair will edge lower within this trading session. The potential downside target will be near a swing low of 1.3180.
However, the currency exchange rate needs to break a support level formed by the 100-hour simple moving average at 1.3244 before such movement occurs.
