The Greenback depreciated by 91 base points against the Canadian Dollar on Friday. The exchange rate breached the 50-hour simple moving average at 1.3263 during Friday’s trading session.
As for the near future, it is likely that the currency pair will continue to fall in the short-term. The possible downside target will be near the lower boundary of a junior ascending channel pattern at 1.3186.
However, it is important to note that a support cluster set by the 100-hour simple moving average and the weekly pivot point at 1.3232 could hinder such movement to occur today.
