Downside risks dominated the US Dollar against the Canadian Dollar on Monday. The currency pair declined by 155 basis points or 1.16% during yesterday’s trading session.
As for the near future, the exchange rate could continue to decline. A breakout through the lower boundary of an ascending channel pattern is likely to occur within this session.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate towards the 1.3300 level today.
