The US Dollar depreciated about 0.51% in value against the Canadian Dollar on Monday. A breakout occurred through the lower boundary of a medium-term ascending channel pattern at 1.3280 during Monday’s trading session.
The exchange rate is currently trading near the bottom border of a junior descending channel pattern, as can be observed on the 1H time-frame chart.
If the junior descending channel holds, a brief retracement towards the 1.3260 could be expected within this session.
However, if the currency exchange rate breaks the channel pattern, bearish traders might aim for a swing low at 1.3200 during the following trading hours.
