The US Dollar depreciated about 103 base points against the Canadian Dollar on Friday. The decline was stopped by a support level formed by the monthly S2 at 1.3273 at the end of Friday’s trading session.
Everything being equal, it is likely that the USD/CAD currency pair will make a brief retracement towards a resistance cluster formed by the combination of the 50-hour simple moving average and the weekly pivot point at 1.3351 during the following trading session.
However, technical indicators flash sell signals on both the smaller and the larger time-frame charts.
