The US Dollar declined by 40 basis points against the Canadian Dollar on Friday. The currency pair tested the weekly pivot point at 1.3036 during Friday’s trading session.
Currently, the USD/CAD pair is trading near the lower boundary of an ascending channel pattern at 1.3054 and could be set for a breakout.
If the breakout occurs, a decline towards the 200– hour simple moving average at 1.3011 could be expected today.
However, if the ascending channel holds, the exchange rate is will most likely continue its bullish sentiment in the shorter term.
