The US Dollar has declined by 74 points or 0.56% against the Canadian Dollar since Friday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Monday.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bears would be near the 1.3000 level.
However, a support cluster formed by the 100– and 200– hour SMAs at 1.3076 could provide support for the currency exchange rate today.