The US Dollar has been trading in a horizontal channel against the Canadian Dollar since June 20. The currency pair tested the upper boundary of the channel pattern at 1.3229 on Friday.

Everything being equal, it is likely that the USD/CAD exchange rate could maintain the horizontal channel pattern within this session. The pair is gradually moving towards the bottom border of the pattern.

Meanwhile, technical indicators demonstrate that a breakout through the lower boundary of the horizontal channel could occur during the following trading session.

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