USD/CAD Bounces Off Support

On Monday, the USD/CAD currency pair bounced off a support level at 1.2450. As a result, the US Dollar edged higher by 46 pips or 0.37% against the Canadian Dollar during Monday’s trading session.

The exchange rate is currently trading near a resistance level formed by the 50– hour simple moving average at 1.2488.

If the resistance line holds, sellers may continue to pressure the pair lower within this session.

However, if the currency exchange rate breaks the 50– hour SMA, a surge towards the 1.2550 level could be expected today.

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