The US Dollar declined by 193 basis points or 1.38% in value against the Canadian Dollar on Friday. The currency pair tested a support cluster formed by the weekly pivot point and the 100– hour simple moving average at 1.3771 during the morning hours of Monday’s trading session.
Most likely, the exchange rate could edge higher within this session. A breakout through the upper boundary of an ascending channel pattern could occur.
On the other hand, the USD/CAD currency exchange rate could reverse from the current price level at 1.3383 and could to trade south during the following trading session.
