Downside risks have dominated the US Dollar against the Canadian Dollar since Wednesday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern at the end of yesterday’s session. The currency pair has lost about 1.26% in value during the last 24hours.
Everything being equal, it is likely that the USD/CAD exchange rate could regain some of its lost points within this session. The pair might make a retracement towards the monthly S1 at 1.3298.
On the other hand, bearish traders might drag the currency exchange rate towards a support cluster formed by the combination of the weekly and the monthly PPs at 1.3181 today.