The US Dollar declined by 61 pips or 0.44% against the Canadian Dollar on Friday. The currency pair tested the 50– hour simple moving average at 1.3651 on Monday morning.
Currently, the exchange rate is testing the lower boundary of an ascending channel pattern.
If the channel pattern holds, bullish traders could continue to pressure the USD/CAD pair higher within this session.
However, if the currency exchange rate breaks the ascending channel pattern, a decline towards the 1.3600 could be expected today.
