The US Dollar declined by 75 basis points or 0.57% against the Canadian Dollar during the first half of Friday’s trading session. However, the currency pair regained some of the lost position by the end of Friday’s session.
All things being equal, the USD/CAD exchange rate is likely to maintain trading in the descending channel pattern during the following trading hours. Bearish traders could target a support level at the 1.3040 area.
On the other hand, the currency exchange rate could reverse from the current price level at 1.3078 and target the upper line of the channel pattern within this session.
