Downside risks pressured the USD/CAD currency pair lower on Monday. As a result, the US Dollar declined by 188 pips or 1.47% against the Canadian Dollar during yesterday’s trading session.
Given that a breakout has occurred through the lower line of an ascending channel pattern, bearish traders are likely to continue to drive the exchange rate south during the following trading session.
However, the weekly support level at 1.2571 could provide support for the currency exchange rate within this session.
