The US Dollar depreciated about 73 basis points against the Canadian Dollar on Thursday. The currency pair was pressured down by the 50– hour simple moving average during yesterday’s trading session.
Currently, the exchange rate is trading near a support level formed by the weekly S1 at 1.3164.
If the support level holds, a potential upside reversal could occur during the following trading session.
However, if the currency exchange rate passes the weekly S1, a decline towards the psychological level at 1.3100 could be expected.
