The US Dollar has declined by 75 pips or 0.58% against the Canadian Dollar since yesterday’s trading session. The currency pair breached the lower line of an ascending channel pattern during the Asian session on Tuesday.
Given that a breakout has occurred, bears could continue to push the exchange rate lower during the following trading session. The potential target for bearish traders would be at the 1.2660 level.
However, a support cluster formed by the 100– and 200– hour SMAs at 1.2713, could provide support for the USD/CAD currency exchange rate within this session.
