The US Dollar declined by 58 pips or 0.44% against the Canadian Dollar on Friday. The currency pair breached the 200– hour simple moving average during Friday’s trading session.
The exchange rate is currently trading near the bottom border of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, bearish traders are likely to target the weekly support level at 1.3106 within this session.
However, if the ascending channel holds, the currency exchange rate would maintain the channel pattern during the following trading session.
