The US Dollar edged lower by about 75 base points against the Canadian Dollar on Thursday. The currency pair was pressured south by the 50-hour simple moving average during Thursday’s trading session.
By and large, most likely, the USD/CAD exchange rate will continue its southern journey within this session. The potential target for bearish traders will be near the bottom border of the descending channel pattern at 1.3310.
Nevertheless, Friday’s macroeconomic data releases, namely, the US Non-Farm Payroll and the Canadian unemployment rate could make technical analysis obsolete today.
