The 100– hour simple moving average guided the US Dollar lower against the Canadian Dollar on Friday. The currency pair depreciated about 21 basis points during Friday’s trading session.
As for the near future, the USD/CAD exchange rate will likely continue to edge lower until it reaches a support level formed by the weekly S1 at 1.3027.
If the currency exchange rate breaks the support level, a breakout through the lower boundary of a dominant ascending channel pattern at 1.3015 could occur.
However, if the weekly S1 holds, a surge towards the 1.3115 area could be expected within this session.
