The US Dollar depreciated about 65 basis points against the Canadian Dollar on Friday. The USD/CAD currency pair is currently testing a support cluster formed by the combination of the 200– hour simple moving average and the weekly pivot point at 1.3266.
If the support cluster holds, the exchange rate will continue to trade in an ascending channel pattern during the following trading session.
However, if the currency exchange rate passes the cluster, as mentioned above, a potential breakout through the lower boundary of an ascending channel pattern could occur within the coming hours.
