The US Dollar declined by 34 pips or 0.26% in value against the Canadian Dollar on Thursday. The decline was stopped by 50– hour simple moving average during yesterday’s trading session.
The exchange rate made a U-turn from the 50– hour SMA support level during the first half of Friday’s trading session.
By and large, the USD/CAD pair will most likely continue to edge up today. The potential target will be at the weekly R2 at 1.3252.
However, the upper boundary of an ascending channel pattern could provide resistance for the currency exchange rate within this session.
