The US Dollar declined by 160 pips or 1.13% against the Canadian Dollar on Thursday. The currency pair tested the monthly pivot point at 1.4013 during Thursday’s trading session.
The exchange rate bounced off the monthly PP on Friday morning. Most likely, the USD/CAD pair will continue to edge higher within this session. The possible target for bulls would be at the 1.4200.
However, a resistance level formed by the weekly R1 at 1.4161 could still provide resistance for the currency exchange rate during the following trading session.
