The 50– hour simple moving average pressured the US Dollar lower against the Canadian Dollar on Friday. The currency pair declined by 217 basis points or 1.53% in value during Friday’s trading session.
As for the near future, the USD/CAD exchange rate will most likely continue to decline. A breakout through the lower boundary of a descending channel pattern could occur within this session.
However, if the descending channel pattern holds, the currency exchange rate could make an upside reversal from the bottom border of the channel pattern during the following trading session.
