The US Dollar traded sideways movement against the Canadian Dollar on Friday. The monthly S1 at 1.3121 provided support for the currency pair during Friday’s trading session.
Bears broke the monthly support level during the European session on Monday. From a technical perspective, the USD/CAD exchange rate will likely continue to edge lower in the descending channel pattern within this session.
However, an upside reversal could occur from a support level formed by the weekly S1 at 1.3080 during the following trading session.