The US Dollar depreciated more than 70 base points against the Canadian Dollar on Friday. The currency pair breached the 50-, 100– and 200-hour SMAs during Friday’s trading session.

The exchange rate is currently trading near the bottom border of an ascending channel pattern at 1.3425 and could be set for a breakout.

If this breakout occurs, the currency exchange rate might aim for a swing low of 1.3380 within this session.

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However, a support level formed by the weekly S1 at 1.3406 could hinder bears from dragging the USD/CAD pair lower.

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