The US Dollar declined by 109 pips or 0.87% against the Canadian Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average during last week’s trading sessions.
The exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target for sellers will be near the weekly S1 at 1.2390.
However, the USD/CAD currency exchange rate could make a brief retracement towards a resistance cluster at the 1.2550 level within this session.
