On Friday, the US Dollar declined by 86 pips or 0.68% against the Canadian Dollar. The 200– hour simple moving average pressured the currency pair lower during Friday’s trading session.
Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, sellers might continue to pressure the exchange rate lower during the following trading session.
However, the lower boundary of a descending channel pattern at 1.2600 could provide support for the currency exchange rate within this session.