The US Dollar has depreciated about 1.62% in value against the Canadian Dollar since the beginning of September. The 50– hour simple moving average has guided the currency pair lower since September 4.
The USD/CAD exchange rate will most likely continue to trade in a junior descending channel pattern within this session. The possible target for the pair will be near the monthly S2 at 1.3108.
However, the currency exchange rate might reverse from the current price level at 1.3168 and aim for a resistance level formed by the 50– hour SMA at 1.3201 during the following trading session.
