During the previous trading session, the US Dollar depreciated about 40 base points against the Canadian Dollar. The currency pair was pressured south by the 50-hour simple moving average.
The exchange rate breached a resistance level formed by the downtrend line at 1.3061 during the first half of Friday’s trading session.
By and large, it is likely that the USD/CAD currency exchange rate will aim for the 200– hour SMA at 1.3112 today.
However, the US Non-Farm payroll data releases scheduled at 12:30GMT could influence the positioning of the pair in the coming hours.
