The US Dollar depreciated about 68 basis points against the Canadian Dollar on Friday. The currency pair breached both the 50-, 100– and 200– hours SMAs during Friday’s trading session.
As for the near future, it is likely that the exchange rate could continue its bearish movement. The potential target for bears would be near the lower boundary of an ascending channel pattern at 1.3200.
On the other hand, the currency exchange rate might reverse from the current price level at 1.3228 and aim for the monthly pivot point at 1.3266 during the following trading session.
