The US Dollar plunged by 128 or 1.03% against the Canadian Dollar on Friday. A breakout occurred through the lower boundary of an ascending channel pattern during Friday’s trading session.
Given that a breakout has occurred, the exchange rate could continue to edge lower during the following trading session. The possible target for the USD/CAD pair will be near the 1.2272 area.
However, the support line at 1.2320 could provide a barrier for the currency exchange rate in the shorter term.
