The US Dollar depreciated about 57 basis points against the Canadian Dollar on Friday.
The exchange rate is currently testing a support cluster formed by the weekly pivot point and the combination of the 100– hour simple moving average and the 50.00% Fibonacci retracement level at 1.3128.
If the support cluster holds, a surge towards the 1.3208 area could occur within this session.
However, if the currency exchange rate breaks the support level, as mentioned earlier, bears could aim for the 200– hour SMA at 1.3101 today
