USD/CAD has witnessed a strong momentum on the upside and is on the verge of posting a third consecutive weekly gain. Analyzing the daily chart, the price is correcting lower after getting rejected from the major psychological resistance level of 1.3200 mark on Thursday. Watch out for the formation of ascending channel on a lower timeframe as the price may retest this level. Elsewhere, the dollar index which tracks the greenback is also declining from the 109.700 level. The focus of the market will be on the U.S. jobs report which will be declared today.
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