The US Dollar depreciated about 71 base points against the Canadian Dollar on Friday. The decline was due to the US macroeconomic data report, which shows that the US labour market added only 20,000 jobs in February.
The currency exchange rate is currently testing a support level formed by the 100-hour simple moving average at 1.3409.
If the USD/CAD pair passes the 100-hour SMA, the next target will be near the 200-hour moving average at 1.3311.
However, if the support level as mentioned earlier holds, a surge towards the 1.3465 area could be expected.
