The US Dollar has been trading in a one-week descending channel pattern the Canadian Dollar. The exchange rate reversed from the lower boundary of the channel pattern at 1.3112 and started moving sideways.
By the middle of Friday’s trading session, the 50-hour simple moving average and the monthly pivot point was providing resistance for the USD/CAD currency pair at 1.3161.
In case bears continue to show their presence in the market today, the currency exchange rate could break the one-week descending channel during the following trading session.
