The US Dollar depreciated about 63 base points against the Canadian Dollar on Wednesday. The currency pair breached the 50-, 100– and 200-hour SMAs during yesterday’s trading session.
The exchange rate is gradually moving towards the lower boundary of an ascending channel pattern at 1.3395.
If the support level formed by the bottom border of the channel pattern holds, a potential upside reversal could come into play.
However, if the currency exchange rate passes the channel pattern, the Greenback might end this week’s trading session on a bear market.
