The US Dollar has declined by 35 pips or 0.26% in value against the Canadian Dollar since Friday’s trading session. The 50– hour simple moving average pressured the currency pair lower during the previous session.
Everything being equal, bears would continue to dominate the exchange rate within the following trading session. The potential target for the pair will be near a support level formed by the weekly S1 at 1.3212.
However, the lower boundary of an ascending channel pattern at 1.3220 could provide support for the USD/CAD currency exchange rate during the following trading session.