The US Dollar declined by 37 basis points or 0.28% against the Canadian Dollar on Wednesday. The currency pair tested the lower boundary of a descending channel pattern at 1.2938 during yesterday’s trading session.
Technical indicators suggest that the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, the currency exchange rate could bounce off from the lower line of the descending channel pattern and target the 1.3038 within this session.
