The US Dollar has declined by 96 pips or 0.72% against the Canadian Dollar since yesterday’s trading session. The currency pair breached a support cluster formed by the weekly S1 and the monthly pivot point at 1.3243 on Thursday morning.
All things being equal, the USD/CAD exchange rate could continue to edge lower during the following trading session. Bearish traders are likely to target the 1.3200 level.
However, if the support cluster at 1.3244 holds, the currency exchange rate could make a brief pullback towards the 1.3300 area within this session.
