The US Dollar declined by 63 basis points or 0.45% against the Canadian Dollar on Tuesday. The decline was stopped by a support cluster formed by the weekly and the monthly PPs at 1.4030.
If the exchange rate breaks the support cluster, as mentioned earlier, bearish traders could pressure the price towards the weekly S1 at 1.3918 within the following trading session.
However, if the weekly and the monthly PPs hold, a breakout through the upper boundary of a descending channel pattern would occur today.
