The US Dollar depreciated about 145 base points against the Canadian Dollar on Friday. This sharp declined was as a result of the lower than expected of the US non-farm payroll macroeconomic data released.
The exchange rate was stranded between SMAs during the first half of Monday’s trading session. The 100-hour SMA was providing resistance for the pair at 1.3324, while the 200-hour simple moving average was providing support for the rate at 1.3294.
By and large, it is likely the currency exchange rate regains its lost positions within this session. The potential upside target will be near the 50-hour SMA at 1.3363.
