The US Dollar declined by 56 points or 0.42% against the Canadian Dollar on Monday. The USD/CAD currency pair breached a support cluster formed by the 50– and 200– hour SMAs and the weekly pivot point at 1.3355 during Monday’s trading session.
Everything being equal, the exchange rate could continue to depreciate during the following trading session. Sellers are likely to target the monthly support level at the 1.3278 area.
Though, the 100– hour simple moving average at 1.3326 could provide support for the currency exchange rate in the shorter term.
