Downside risks dominated the USD/CAD currency pair on Thursday. As a result, the US Dollar declined by 90 pips or 0.72% against the Canadian Dollar during Thursday’s trading session.
Given that the exchange rate has breached the 1.2580 support level, sellers are likely to continue to drive the price lower during the following trading session. The potential target for bearish traders will be near the 1.2500 area.
However, technical indicators suggest that the currency exchange rate might trade sideways within this session.
