The US Dollar declined by 52 pips or 0.41% against the Canadian Dollar on Thursday. The currency pair breached the 50– and 200– hour SMAs during Thursday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for sellers would be near the weekly support line at 1.2639.
However, the currency exchange rate could reverse from an order block at 1.2670 within this session.