The 50– hour simple moving average led the movement of the US Dollar against the Canadian Dollar on Monday. The currency pair appreciated about 50 basis points during the previous trading session.
Two situations are likely to occur in regards to the exchange rate in the next 24 hours. Firstly, the price could surpass the monthly pivot point at 1.3277 and aim for the upper boundary of a junior ascending channel pattern at 1.3320 within the following session.
On the other hand, if the monthly PP as mentioned earlier holds, a breakout might occur through the lower boundary of the channel pattern today.