The US Dollar edged lower by 46 pips or 0.36% against the Canadian Dollar on Monday. The USD/CAD currency pair tested the support level at 1.2581 during Monday’s trading session.
Given that the 50– and 200– hour simple moving averages are above the price level, sellers could continue to pressure the exchange rate lower within the following trading session.
However, if the currency exchange rate fails to break the support level at 1.2581, a brief pullback towards the 1.2650 could be expected today.
