The US Dollar fell by 120 basis points or 0.95% against the Canadian Dollar on Wednesday. A breakout occurred through the lower line of a narrow descending channel pattern during Wednesday’s trading session.
Technical indicators suggest selling signals on the daily time-frame chart. Most likely, the USD/CAD exchange rate could continue to fall during the following trading session.
However, the weekly support level at 1.2623 might provide support for the currency exchange rate in the short term.
