Downside risks have dominated the USD/CAD currency pair since Friday’s trading session. As a result, a breakout occurred through the lower boundary of an ascending channel pattern at 1.3516 during the morning hours of today’s session.
Given that a breakout had occurred, it is likely that the US Dollar will continue to lose strength against the Canadian Dollar within this session. The potential downside target will be near the 200-hour simple moving average at 1.3473.
However, a support level formed by the weekly pivot point at 1.3481 could provide support for the currency exchange rate today.
