The US Dollar has continued its decline in a descending channel pattern against the Canadian Dollar. The currency pair edged lower by about 0.40% during yesterday’s trading session.
The exchange rate tested a resistance level formed by the 50-hour simple moving average at 1.3203.
If the 50-hour SMA holds, the currency exchange rate will continue its movement in the descending channel pattern within this session.
However, if the USD/CAD pair passes the resistance level as mentioned above, the next target for buyers will be near a resistance cluster at 1.3248.
