The US Dollar declined by 115 pips or 0.85% against the Canadian Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average during Friday’s trading session.
The exchange rate is currently trading near a support level formed by the monthly S2 at 1.3425.
If the USD/CAD pair breaks the monthly S2, a decline towards the lower boundary of a descending channel at 1.3274 could be expected today.
However, if the monthly support line holds, bulls could push the price higher during the following trading session.
