The US Dollar fell by 66 pips or 0.53% against the Canadian Dollar on Friday. The currency pair breached the 50- and 200- hour SMAs during Friday’s trading session.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be near the 1.2260 area.
However, the USD/CAD currency exchange rate could reverse from the current price level at 1.2301 and aim for the weekly pivot point at 1.2343 today.
