The US Dollar declined by 100 basis points or 0.71% against the Canadian Dollar on Thursday. A breakout occurred through the lower boundary of an ascending channel pattern during Thursday’s trading session.
Given that a breakout had occurred, the USD/CAD exchange rate could continue to decline throughout the following trading hours. The potential target for the currency pair would be at the 1.3950 area.
However, the weekly pivot point at 1.4001 could provide support for the currency exchange rate during Friday’s trading session.
