During the first part of yesterday’s trading session, the US Dollar appreciated by 65 basis points against the Canadian Dollar. However, the currency pair yielded the earlier gains at the end of Thursday’s session.
As for the near future, the USD/CAD exchange rate will likely continue to fall. The possible target for bears would be at the lower boundary of an ascending channel pattern at 1.3020.
On the other hand, the currency exchange rate might reverse from the current price level at 1.3057 and trading in the ascending channel pattern during the following trading session.
