The US Dollar declined by 33 points or 0.24% against the Canadian Dollar on Friday. The currency pair breached the 50– hour simple moving average support line at 1.3318 during Friday’s trading session.
As for the near future, the exchange rate could continue to trend higher in an ascending channel pattern. Bullish traders are likely to target the 1.3400 level within this session.
However, if the currency exchange rate breaks a support cluster at the 1.3318 area, a decline towards the 1.3250 could be expected today.
