The US Dollar traded within a range of 1.3118/1.3080 against the Canadian Dollar on Tuesday.
From one hand, the exchange rate could continue to trade in a descending channel pattern during the following trading session. In this case, the currency pair would have to surpass the weekly S1 at 1.3080.
On the other hand, if the support level holds, a breakout through the upper boundary of a descending channel pattern at 1.3111 could occur within this session.
Meanwhile, technical indicators demonstrate bears are likely to continue their dominance in the market today.
