USDCAD is without support on Monday

The US Dollar has fallen below the last notable support of the Dukascopy technical analysis system against the Canadian Dollar. Namely, the last combined support of the 55 and 100-hour simple moving averages were passed just below the 1.2600 mark. 

Due to that reason it is highly possible from a technical perspective that the US Dollar declines against the Canadian currency down to the 1.25 mark. Such a move, if measured from the bounce off from the resistance at 1.2620, total to 120 base points. 

However, it is highly likely that various trend lines will slow down the decline and there will not be a sudden decline down. Moreover, the Canadian central bank's interest rate announcement could provide a push on Wednesday.


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