A junior descending channel pattern guided the US Dollar lower against the Canadian Dollar on Monday. The currency pair depreciated about 0.66% in value during yesterday’s trading session.
Everything being equal, it is likely that the junior descending channel might continue to guide the exchange rate lower today. The potential downside target will be near a support level formed by the weekly S1 at 1.3397.
On the contrary, the currency exchange rate might reverse from the current price level at 1.3425 and aim for the 200-hour simple moving average at 1.3480 during the following trading session.
