On Friday, the US Dollar fell by 110 pips or 0.87% against the Canadian Dollar. The currency pair was pressured lower by the 50– and 200– hour SMAs during Friday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for sellers would be near the 1.2560 level.
However, the lower boundary of a descending channel pattern could provide support for the currency exchange rate within this session.
