The US Dollar declined by 35 pips or 0.28% against the Canadian Dollar on Friday. The currency pair breached the 50– hour simple moving average during Friday’s trading session.
The exchange rate was trading below the 200– hour SMA during the Asian session on Monday. Most likely, the USD/CAD pair could continue to decline within the following trading hours.
However, a support line formed by the 50– hour moving average at 1.2568 might provide support for the currency exchange rate in the shorter term.