The US Dollar declined by 70 basis points or 0.53% against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a descending channel pattern during Friday’s trading session.
Technical indicators suggest selling signals on the 4-hour and daily time-frame charts. Therefore, bears could continue to pressure the exchange rate lower within this session.
However, the lower line of the descending channel pattern might provide support for the USD/CAD currency exchange rate in the shorter term.
