After the US Dollar tested the weekly R1 at 1.3266 on August 2, the currency pair took a drive south. The USD/CAD exchange rate depreciated about 70 base points during Friday’s trading session.
The pair made a U-turn from a support cluster formed by the weekly pivot point and the 100-hour simple moving average at 1.3194 during the first half of Monday’s trading session.
As for the near future, it is likely that the currency exchange rate could aim for the upper boundary of a junior ascending channel pattern at 1.3282.
