The US Dollar declined by 375 pips or 2.58% in value against the Canadian Dollar on Friday. The currency pair tested the lower boundary of an ascending channel pattern during Friday’s trading session.
The exchange rate bounced off the bottom border of the channel pattern at the end of Friday’s session. Most likely, the USD/CAD pair will edge higher in the ascending channel pattern today.
However, technical indicators demonstrate that the currency exchange rate might trade sideways during the following trading session.
