The US Dollar fell by 116 pips or 0.90% against the Canadian Dollar on Friday. The currency pair breached a support level formed by the 50– hour simple moving average at 1.2814 during Friday’s trading session.
By and large, the exchange rate could continue to decline in an ascending channel pattern. Sellers may target the lower line of the channel pattern at 1.2700 within this session.
However, the weekly pivot point at 1.2760 could provide support for the currency exchange rate in the shorter term.
