The US Dollar depreciated about 62 basis points against the Canadian Dollar on Friday. The decline was stopped by a support level formed by the monthly S1 at 1.3208 during the previous session.
Everything being equal, the USD/CAD exchange rate will most likely continue to decline today. The currency pair might pass the support cluster at 1.3205 within this session.
However, if the support cluster holds, a brief retracement towards the 50– and 100– hour SMAs at 1.3255 could be expected during the following trading session.
