During the last 24 hours of trading, the US Dollar has depreciated about 71 basis points against the Canadian Dollar. The USD/CAD currency pair breached the lower boundary of an ascending channel pattern during the morning hours of Friday’s trading session.
Given that the exchange rate has breached the channel pattern, most likely, bearish traders could aim for the monthly support level at 1.3251 within the following trading session.
However, the currency exchange rate might make a U-turn from the current price level at 1.3274 and continue trading north today.
