The US Dollar fell by 41 points or 0.31% against the Canadian Dollar on Tuesday. The decline was stopped by the 50– hour simple moving average at 1.3008 during yesterday’s trading session.
Technical indicators suggest that the exchange rate is likely to maintain the descending channel pattern within this session. Bears might target the weekly support level at 1.2924.
However, given that the currency exchange rate is currently trading near the upper line of the channel pattern, a breakout could occur within this session.
