Downside risks have dominated the US Dollar against the Canadian Dollar since Friday’s trading session. The currency pair depreciated by about 117 basis points on Friday.
As for the near future, the USD/CAD exchange rate will likely edge up in the shorter term. The potential target would be near the 61.80% Fibonacci retracement level at 1.3279.
If the 61.80% Fibonacci retracement level holds, bears are likely to take control of the market during the following trading session.
