The US Dollar depreciated about 41 base points against the Canadian Dollar on Tuesday. The currency pair was trading near the upper boundary of a downtrend line during the morning hours of Wednesday’s trading session.
Given that the exchange rate is located near the border of the trendline, a breakout could occur within this session.
However, technical indicators demonstrate that the currency exchange rate could continue its downward movement today.
If this breakout occurs, a surge towards the 1.3190 area might be expected during the following trading session.
