The US Dollar has declined by 458 pips or 3.13% in value against the Canadian Dollar since Thursday’s trading session. The currency pair breached a support cluster formed by the weekly R2 and the 100– hour simple moving average at 1.4262 on Friday morning.
As for the near future, the exchange rate will most likely continue to decline. A potential breakout through the lower boundary of an ascending channel pattern could occur within this session.
However, a support cluster at the 1.4000 mark could provide support for the currency exchange rate in the shorter term.
