The US Dollar declined by 47 points or 0.35% against the Canadian Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern during yesterday’s trading session.

If the support level formed by the bottom border of the channel pattern holds, bullish traders will most likely pressure the exchange rate higher during the following trading session.

However, if the USD/CAD currency exchange rate breaks the ascending channel pattern, a decline towards the weekly pivot point at 1.3628 could be expected today.

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