The US Dollar depreciated about 65 base points against the Canadian Dollar on Thursday. The decline was temporarily stopped by weekly PP at 1.3181.
The exchange rate was trading near a resistance cluster formed by the 100– and 200-hour SMAs during the first part of Friday’s session.
If this cluster holds, the currency exchange rate will continue its bearish movement within this session.
On the other hand, if the rate passes the resistance cluster as mentioned earlier, the next target for bullish traders will be near the monthly pivot point at 1.3291 today.
