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USD/CAD Breakout Occurs

The US Dollar has declined by 91 points or 0.69% against the Canadian Dollar since Thursday’s trading session. A breakout occurred through the lower boundary of a descending channel pattern on Thursday.

Given that a breakout has occurred, the exchange rate could continue to edge lower during the following trading session. The potential target for bears would be at the 1.3109 area.

However, a support line at 1.3143 could provide support for the currency exchange rate in the shorter term.

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