The US Dollar depreciated about 48 base points against the Canadian Dollar on Friday. The currency pair was pressured south by the 50-hour simple moving average during the previous trading session.
Everything being equal, it is likely that the USD/CAD exchange rate will continue its southern movement within this session. The potential target will be near the weekly S1 at 1.2983.
If the support level formed by the weekly S1 holds, a possible upside reversal could occur during the following trading session.
