During the past 24 hours, the US Dollar versus the Canadian Dollar has depreciated over 90 base points. The currency pair breached both the 50-, 100– and 200-hour SMAs on Wednesday.
As for the near future, it is likely that the USD/CAD exchange rate will continue to edge lower. The potential target for bearish traders will be near the bottom border of a descending channel pattern at 1.2980.
Although, the decline might be stopped by a support level formed by the weekly S1 at 1.3030 during the following trading session.