The US Dollar declined by 65 basis points or 0.46% against the Canadian Dollar on Monday. The currency pair tested the monthly pivot point at 1.4013 during yesterday’s trading session.
Everything being equal, the 50– hour simple moving average could pressure the USD/CAD exchange rate lower within this session. Bearish traders could target the weekly S1 at 1.3973.
However, the monthly PP at 1.4017 might provide support for the currency exchange rate within the following trading sessions.
