Bearish sentiment dominated the US Dollar on Wednesday. The Greenback depreciated about 162 base points against the Canadian Dollar during Wednesday’s trading session.
The exchange rate is currently trading near the bottom border of a descending channel pattern at 1.3125 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will decline towards a psychological support level at 1.3000.
However, if the descending channel pattern holds, bullish traders could aim for a re-test of the 50-hour simple moving average at 1.3220.
