The US Dollar declined by 118 pips or 0.92% against the Canadian Dollar on Friday. The currency pair tested the lower boundary of an ascending channel pattern during Friday’s trading session.
The exchange rate is currently trading near the bottom border of the channel pattern and 1.2763 and could be set for a breakout.
If the breakout occurs, bearish traders are likely to pressure the price lower within this session.
However, if the ascending channel pattern holds, a surge towards the weekly R1 at 1.2873 could be expected today.
