The US Dollar declined by 66 pips or 0.51% against the Canadian Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average during Friday’s trading session.
As for the near future, bears are likely to continue to drive the exchange rate lower. The potential target for bearish traders would be near the weekly support level at 1.2924.
On the other hand, the currency exchange rate might reverse from the current price level at 1.3018 and aim at the upper boundary of a descending channel at 1.3061 within this session.
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