The US Dollar traded sideways against the Canadian Dollar on Monday. The monthly pivot point at 1.3396 provided support for the exchange rate during yesterday’s trading session.
A breakout from the sideways movement could be expected within this session. Technical indicators suggest an upside breakout.
If this upside breakout occurs, a surge towards the upper boundary of a junior ascending channel could be the target.
On the other hand, the currency exchange rate could continue to consolidate above the monthly PP at 1.3396 today.
