The US Dollar surged by 97 basis points or 0.71% against the Canadian Dollar on Friday. The surged was stopped by the 100– hour simple moving average at 1.3829 during Friday’s trading session.
Everything being equal, the USD/CAD exchange rate could continue to edge lower within this session. A breakout might occur through the lower boundary of a descending channel pattern.
However, if the descending channel pattern holds, buyers could pressure the currency exchange rate higher within this session.