On Friday, the US Dollar rose by 57 pips or 0.46% against the Canadian Dollar. The surge was stopped by the 50– hour simple moving average during Friday’s trading session.
As for the near future, the USD/CAD exchange rate could continue to strengthen. Buyers may target the upper boundary of a descending channel pattern at 1.2440 within this session.
However, technical indicators suggest that the currency exchange rate could continue to edge lower during the following trading session.
