The US Dollar depreciated by about 60 base points against the Canadian Dollar on Friday. The decline began after the currency pair hit a resistance level formed by the weekly PP at 1.3183.
The exchange rate is currently trading in a one-week descending channel and it’s most likely to remain moving in the channel pattern within this session.
Furthermore, technical indicators suggest that the decline of the USD/CAD currency exchange rate will continue during the following trading session. The potential target for bearish traders will be near the weekly S1 at 1.3099.
