The US Dollar depreciated about 0.43% in value against the Canadian Dollar during yesterday’s trading session. Tuesday’s trading session began with the bearish sentiment, the currency pair breached the lower boundary of an ascending channel pattern at 1.3420.
Given that the currency pair has breached the bottom border of an ascending channel, and the three SMAs are above the price level, it is likely that the currency exchange rate will continue its downside momentum within this session.
On the other hand, the USD/CAD pair could reverse from the current price level at 1.3426 and aim for a resistance line at 1.3453.
