The US Dollar traded with low volatility against the Canadian Dollar on Monday. The currency pair breached the lower boundary of a medium-term ascending channel pattern at 1.3420.
A breakout through the bottom border of the medium-term descending channel pattern could be expected within this session.
If this breakout occurs, a decline towards the weekly and the monthly pivot points at 1.3395 might be the target.
However, if the channel pattern holds, the currency exchange rate could aim for a resistance level formed by the 50-, 100– and 200-hour SMAs at 1.3448 today.