The US Dollar has declined by 1.45% in value against the Canadian Dollar since December 26. The 50– hour simple moving average pressured the currency pair lower during this period.
Everything being equal, the USD/CAD exchange rate will most likely continue to decline within this week’s trading sessions. A potential breakout through the lower boundary of a descending channel pattern could occur.
However, the currency exchange rate could make a brief upside retracement towards the 1.3035 area within this session.
