The US Dollar declined by 47 points or 0.35% against the Canadian Dollar on Thursday. The decline was stopped by a support level at the 1.3120 during yesterday’s trading session.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout. If the breakout occurs, bullish traders are likely to target the 1.3200 level within this session.
However, if the channel pattern holds, a decline towards the monthly support level at 1.3100 could be expected within this session.
