On Thursday, the US Dollar declined by 92 pips or 0.72% against the Canadian Dollar. The currency pair tested the lower boundary of an ascending channel pattern at 1.2629 during yesterday’s trading session.
The exchange rate is currently trading near the lower line of the channel pattern and could be set for a breakout. If the breakout occurs, a decline towards the 1.2550 level could be expected within this session.
However, if the channel pattern holds, buyers may drive the price towards the resistance level at 1.2750 today.
