The US Dollar appreciated about 40 basis points against the Canadian Dollar on Wednesday. The currency pair tested the monthly pivot point at 1.3183 during yesterday’s trading session.
Thursday’s session began with a bearish sentiment. As a result, the currency pair declined by 32 pips during the first part of today’s trading session.
By and large, the USD/CAD exchange rate will most likely continue its bearish momentum within this session. The potential target will be at the 1.3117 area.
Although, the bottom border of an ascending channel pattern could provide support for the currency exchange rate today.
