The US Dollar has declined by 74 points or 0.58% against the Canadian Dollar since December 31. The currency pair was pressured lower by the 50– hour simple moving average.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1.2600 level could be expected within this session.
However, if the descending channel holds, bulls might pressure the currency exchange rate higher today.
