The US Dollar edged lower by about 50 base points against the Canadian Dollar on Thursday. The decline of the currency pair continued during the Asian trading session on Friday.
Given that the currency exchange rate has failed to break a resistance level at 1.3484, it is likely that the USD/CAD pair will decline during the following trading session. The potential downside target for bearish traders will be at the 1.3420 area.
Although, today’s macroeconomic data releases scheduled at 12:30 GMT could play a significant role in the positioning of the currency pair today.
