The US Dollar declined by 67 pips or 0.50% against the Canadian Dollar on Wednesday. The currency pair breached the lower boundary of a descending triangle pattern on Thursday morning.
Given that a breakout had occurred, the exchange rate will most likely continue to edge lower during the following trading session. The potential target will be at the weekly R3 at 1.3359.
Although, the USD/CAD currency exchange rate could make a U-turn from the bottom border of the triangle pattern at 1.3382 and target the resistance line at 1.3430 today.
