The US Dollar depreciated about 55 base points against the Canadian Dollar on Friday. The currency pair breached the 50-hour simple moving average at 1.3443 during Friday’s trading session.
Currently, the exchange rate is testing a support level formed by the 50.00% Fibonacci retracement level at 1.3430.
If the 50.00% Fibo level holds, a surge towards a swing high of 1.3503 could occur in the nearest future.
However, if the currency exchange rate passes the support line, the pair might continue its decline within this session.
