USD/CAD analysis: Bounces off support
|USD/CAD
On Monday, the US Dollar declined by 123 pips or 0.99% against the Canadian Dollar. The currency pair breached the 50– hour simple moving average during Monday's trading session.
As for the near future, the exchange rate could continue to trend bearish. Sellers are likely to target the 1.2250 level during the following trading session.
However, given that the currency exchange rate has bounced off a support level formed by the weekly pivot point at 1.2356, bullish traders might pressure the price higher within this session.
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