Downside risks dominated the US Dollar against the Canadian Dollar on Friday. As a result, the USD/CAD exchange rate declined by 117 pips or 0.92% during Friday’s trading session.
Technical indicators suggest selling signals on all time-frame charts. Most likely, bearish traders are likely to pressure the currency pair lower within the following trading session.
However, the currency exchange rate might make a brief retracement towards the 200– hour simple moving average at 1.2679 today.