USD/CAD Bounces Off Support

The US Dollar declined by 67 pips or 0.53% against the Canadian Dollar on Thursday. The currency pair breached the 50– and 200– hour simple moving averages during yesterday’s trading session.

The exchange rate bounced off a support line formed by the lower boundary of an ascending channel pattern during the Asian session on Friday.

Most likely the USD/CAD pair could continue to edge higher throughout today’s session.

However, a resistance level at 1.2627 could provide resistance for the currency exchange rate today.