The US Dollar declined by 148 pips or 1.13% against the Canadian Dollar on Monday. The 50-, 100– and 200– hour SMAs provided support for the currency pair during Monday’s trading session.
As for the near future, the USD/CAD exchange rate could continue to trend bullish. The potential target for bulls would be near the upper line of an ascending channel pattern at 1.3376.
On the other hand, the currency exchange rate might reverse from the current price level at 1.3338 and slide a bit lower towards the 1.3257 area within this session.
