The US Dollar declined by 70 pips or 0.55% against the Canadian Dollar on Tuesday. The currency pair breached the weekly support level at 1.2713 during Tuesday’s trading session.
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, sellers could continue to pressure the USD/CAD pair lower within this session.
However, if the ascending channel holds, a surge towards the 100– hour simple moving average at 1.2765 could be expected today.
