The 50– hour simple moving average pressured the USD/CAD currency pair lower on Monday. As a result, the US Dollar declined by 46 pips or 0.36% against the Canadian Dollar.
As for the near future, the exchange rate could continue to edge lower in a descending channel pattern. Sellers may target the 1.2550 area within Tuesday’s trading session.
However, the currency exchange rate might encounter support at 1.2602 in the shorter term.
