During Friday’s trading session, the US Dollar fell by 67 pips or 0.53% against the Canadian Dollar. The decline was stopped by the 200– hour simple moving average on Friday.
If the 200– hour SMA at 1.2628 holds, bullish traders are likely to pressure the USD/CAD exchange rate higher towards the weekly resistance level at 1.2735 during the following trading session.
However, if the currency exchange rate breaks the support line at 1.2628, a decline towards the weekly S1 at 1.2572 could be expected today.
