The US Dollar declined by 67 pips or 0.55% against the Canadian Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average during Friday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for sellers could be near the weekly S1 at 1.2045.
On the other hand, the currency exchange rate could reverse from the current price level at 1.2118 and target the weekly pivot point at 1.2198 within this session.
