The US Dollar surged by 94 pips or 0.67% against the Canadian Dollar on Friday. The currency pair tested the monthly pivot point at 1.4030 during Friday’s trading session.
However, after the exchange rate breached the monthly PP, the USD/CAD pair began to decline. Most likely, bearish traders will continue to pressure the price lower within this session.
Although, the 50– hour simple moving average at 1.3974 could provide support for the currency exchange are during the following trading session.