The US Dollar traded sideways against the Canadian Dollar on Monday. The currency pair was consolidating below the monthly support level at 1.3273 during yesterday’s trading session.
A breakout is likely to occur within this trading session. Technical indicators suggest a southern breakout.
If this breakout occurs, bearish traders could aim for a support cluster formed by the weekly and the monthly PPs at 1.3176 during the following trading session.
On the other hand, the exchange rate might reverse from the current price level at 1.3261 and target the 100-hour SMA at 1.3337 today.
