The US Dollar declined by 57 base points or 0.43% in value against the Canadian Dollar on Friday. The currency pair was guided up by the 50– hour simple moving average.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern at 1.3245.
Technical indicators suggest that a breakout might occur within the following trading session.
However, if the ascending channel holds, a decline towards a support cluster formed by the weekly PP and the 50-hour SMA at 1.3211 today.
