The US Dollar depreciated about 83 base points against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a one-week descending channel pattern at 1.3073 during Friday’s trading session.
As for the near future, it is likely that the currency exchange rate will make a brief movement up towards a resistance level formed by a traditional weekly pivot point at 1.3153.
However, the 50-hour simple moving average at 1.3123 could drive the USD/CAD currency pair towards the bottom border of a descending channel pattern.
