The US Dollar declined by 50 pips or 0.41% against the Canadian Dollar on Friday. A breakout occurred through the lower boundary of an ascending channel pattern during Friday’s trading session.
Given that a breakout had occurred, bearish traders could continue to pressure the exchange rate lower during the following trading session. The potential target for bears would be near the 1.2040 level.
However, the currency exchange rate could reverse from the support line at 1.2060 within this session.
