The US Dollar depreciated about 123 base points against the Canadian Dollar on Friday. The currency pair revealed a new junior descending channel pattern during Monday’s trading session.
As for the near future, it is likely that the newly formed junior descending channel could guide the USD/CAD exchange rate towards the lower boundary of a dominant ascending channel at 1.3313.
Moreover, technical indicators suggest that bears are likely to continue their dominance in the market today.
