The US Dollar declined by 70 pips or 0.52% in value against the Canadian Dollar on Friday. The currency pair breached the 50– and 100– hour SMAs during the first part of Monday’s trading session.
As for the near future, the USD/CAD exchange rate will most likely continue to depreciate until it reaches the bottom border of an ascending channel pattern at 1.3244.
However, the 200– hour simple moving average at 1.3298 could provide support for the currency exchange rate during the following trading session.
