On Monday, the US Dollar declined by 42 pips or 0.34% against the Canadian Dollar. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
All things being equal, the USD/CAD exchange rate could continue to edge lower in a descending channel pattern. The potential target for sellers will be near the 1.2300 level.
However, the currency exchange rate might bounce off the support level at 1.2339 within this session.
