Downside risks dominated the USD/CAD currency pair on Wednesday. As a result, the US Dollar fell by 114 pips or 0.92% against the Canadian Dollar during Wednesday’s trading session.
Given that a breakout has occurred, bears could continue to drive the exchange rate lower on Thursday. The potential target for bearish traders will be near the 1.2280 level.
However, if the currency exchange rate breaks the resistance level at 1.2376, a surge towards the 1.2440 area could be expected today.
