The US Dollar declined by 37 pips or 0.31% against the Canadian Dollar on Monday. The decline was stopped by the 50– hour simple moving average during Monday's trading session.
Currently, the exchange rate is trading near a support cluster at the 1.2130 level. If the support cluster holds, bullish traders would drive the price past the 1.2180 area within this session.
However, if the currency exchange rate breaks the support cluster, a decline towards the 200– hour SMA at 1.2100 could be expected today.
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