The 50– hour simple moving average pressured the US Dollar lower against the Canadian Dollar on Thursday. The currency pair depreciated about 80 basis points during yesterday’s trading session.
Currently, the exchange rate is testing a support cluster formed by the weekly and the monthly S1 at 1.3131.
If the support cluster holds, a surge towards the upper line of a descending channel pattern could be expected within this session.
However, if the currency exchange rate breaches the cluster, the USD/CAD pair could end this week’s trading session on a decline.
