The US Dollar declined by 59 basis points or 0.44% against the Canadian Dollar on Monday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
By and large, the exchange rate will most likely continue to decline during the following trading session. The potential target for the USD/CAD pair will be at the weekly support level at 1.3340.
Although, the currency exchange rate could slide a bit higher towards the 50– hour simple moving average at 1.3407 today.