The US Dollar declined by 81 pips or 0.58% against the Canadian Dollar on Friday. The currency pair tested the upper boundary of a junior descending channel pattern at 1.4118 during Friday’s trading session.
As for the near future, the exchange rate will most likely continue to trade in the junior descending channel pattern. The potential target for the USD/CAD pair would be at the weekly S1 at 1.3973.
However, given that the currency exchange rate is currently trading near the upper boundary of the junior descending channel pattern, a breakout might occur within this session.
