The 50– hour simple moving average has continued to pressure the US Dollar lower against the Canadian Dollar since yesterday’s trading session. However, the currency pair traded with low volatility during Thursday’s session.
As for the near future, the USD/CAD exchange rate will likely continue to trade in the descending channel pattern. Bearish traders might target the lower boundary of a descending channel pattern at 1.2940.
Technical indicators demonstrate that the currency exchange rate will continue to edge lower during the following trading session.
