The US Dollar has declined by 210 pips or 1.45% in value against the Canadian Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Wednesday morning.
Given that a breakout had occurred, the USD/CAD exchange rate will likely continue to slide lower. Bearish traders might target the 1.4100 area within the following trading session.
However, a support cluster formed by the 200– hour simple moving average and the weekly pivot point at 1.4263 could provide support for the currency exchange rate within today’s session.
