The US Dollar has declined by 274 pips or 1.99% against the Canadian Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of a descending channel pattern on Monday.
All things being equal, the exchange rate could continue to decline within the following trading session. Bearish traders might target the psychological level at 1.3460.
Furthermore, technical indicators suggest that bears are likely to dominate the USD/CAD currency exchange rate until the end of this week’s trading sessions.
