The US Dollar declined by 132 basis points or 1.00% against the Canadian Dollar on Thursday. The currency pair tested the lower border of a descending channel pattern at 1.3035 during Thursday’s trading session.
Everything being equal, the exchange rate could continue to edge lower in the descending channel pattern. Bearish traders might target the weekly support level at 1.3012.
Furthermore, technical indicators demonstrate that bears are likely to continue to dominate the market within this session.
