The US Dollar depreciated about 100 base points against the Canadian Dollar on Friday. The currency pair was pressured down by the 200-hour simple moving average during the previous session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 1.3132 and could be set for a breakout.
If this breakout occurs, it is likely that bearish traders could aim for a support level at 1.3063 today.
Though, if the ascending channel pattern holds, the currency exchange rate will target both the 50– and 100-hour SMAs at 1.3196 within this session.
