The US Dollar declined by 28 basis points against the Canadian Dollar on Monday. However, today’s trading session began with bullish momentum. By the middle of the day, the currency pair has appreciated by 0.25% in value.
All things being equal, the USD/CAD exchange rate will most likely continue to trade bullish within this session. The potential target could be near a resistance cluster formed by the monthly pivot point and the weekly R1 at 1.3085.
By and large, a possible reversal from the resistance cluster, as mentioned earlier could occur during the following trading session.
