The US Dollar declined by 66 pips or 0.47% against the Canadian Dollar on Friday. The currency pair was pressured lower by the 50-, 100– and 200– hour SMAs during Friday’s trading session.
As for the near future, the USD/CAD exchange rate could continue to edge lower. Bearish traders could target the weekly support level at 1.3830 during the following trading session.
On the other hand, the currency exchange rate might slide upper towards the weekly pivot point at 1.4001 before making a downside reversal.
