The US Dollar depreciated about 58 base points against the Canadian Dollar on Monday. The currency pair breached both the 50-and 100-hour SMAs during yesterday’s trading session.
Everything being equal, it is likely that the exchange rate will continue to edge lower today. The potential target for the pair will be near the bottom border of an ascending channel pattern at 1.3141.
Although, a support level formed by the 200– hour simple moving average at 1.3183 could provide support for the currency exchange rate during the following trading session.
