On Friday, the US Dollar edged lower by 94 pips or 0.75% against the Canadian Dollar. The currency pair breached the support level at 1.2550 during Friday’s trading session.
The exchange rate is currently trading near the lower boundary of a descending channel pattern at 1.2457.
If the channel pattern holds, buyers could pressure the USD/CAD pair towards the 1.2550 level within this session.
However, if the currency exchange rate breaks the descending channel pattern, the next target for sellers will be near the 1.2400 area.
