USD/CAD analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 41 basis points or 0.31% against the Canadian Dollar on Monday. The currency pair breached the 100– hour simple moving average during yesterday's trading session.

As for the near future, the USD/CAD exchange rate could continue to edge lower. Bearish traders could target the 200– hour simple moving average at 1.3303 during the following trading session.

However, the 100– hour SMA at 1.3371 could still provide support for the currency exchange rate today.

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Dukascopy Bank Team

Dukascopy Bank SA

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