The US Dollar depreciated by 69 basis points against the Canadian Dollar on Wednesday. The currency pair consolidated below the weekly S1 at 1.3122 during the first part of Thursday’s trading session.
As for the near future, the USD/CAD exchange rate is likely to maintain the descending channel pattern. Bearish traders could drive the price towards the weekly S2 at 1.3079 today.
A potential upside reversal from the weekly S2, as mentioned earlier, could be expected during the following trading session.
