The US Dollar declined by 85 basis points or 0.66% against the Canadian Dollar on Thursday. The currency pair tested the support level at 1.2792 during yesterday’s trading session.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.2950 level could be expected within this session.
However, if the channel pattern holds, bearish traders might pressure the currency exchange rate lower in the shorter term.
