The US Dollar has declined by 57 pips or 0.44% against the Canadian Dollar since yesterday’s trading session. The currency pair breached the 200– hour simple moving average on Tuesday.
Everything being equal, bears could continue to pressure the USD/CAD exchange rate lower during the following trading session. A breakout through the lower boundary of a descending channel pattern might occur.
However, if the channel pattern holds, the currency exchange rate is likely to make a pullback towards a resistance cluster at 1.2824 within this session.
