The US Dollar depreciated about 96 base points against the Canadian Dollar on Friday. The currency pair breached the three moving averages during the end of the previous session.
The depreciation continues during the first part of Monday’s trading session, and by the middle of the European session, the exchange rate has plunged further 84 base points.
Everything being equal, it is likely that the USD/CAD currency exchange rate continues its decline within this session.
However, a brief retracement towards the weekly PP at 1.3234 could be expected.
