The US Dollar traded sideways against the Canadian Dollar on Tuesday. The currency pair traded below the weekly and the monthly pivot points at 1.3242 during Tuesday’s trading session.
Everything being equal, the USD/CAD exchange rate could continue to trade in the descending channel pattern today. Bears might drive the price towards the weekly S1 at 1.3164.
Although, given that the currency exchange rate is currently trading near the upper boundary of the descending channel pattern, a breakout could occur within this session.
