The US Dollar plunged more than 200 pips or 1.46% against the Canadian Dollar on Tuesday. The currency pair tested the lower boundary of a descending channel pattern at 1.3782 during Tuesday’s trading session.
All things being equal, the exchange rate could slide upper within the following trading sessions. Bulls could target the 1.3850 area today.
However, given that the USD/CAD currency exchange rate is currently trading near the bottom border of the descending channel pattern, a breakout might occur during the following trading session.
