During the first half of Monday’s trading session, the US Dollar surged by 63 pips or 0.50% against the Canadian Dollar. However, the USD/CAD exchange rate abandoned the earlier gains at the end of the day.
All things being equal, the currency pair is likely to continue to decline. A breakout through the lower line of a descending channel pattern could occur within the following trading session.
Although, if the channel pattern holds, buyers could pressure the currency exchange rate higher towards the weekly pivot point at 1.2650 during the following trading session.
