Downside risks pressured the US Dollar lower against the Canadian Dollar on Thursday. The currency pair tested the lower line of an ascending channel pattern during yesterday’s trading session.
The exchange rate is currently trading near the lower boundary of the channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1.2040 level could be expected within this session.
However, if the channel pattern holds, bullish traders might push the currency exchange rate higher today.
