The US Dollar declined by 93 points or 0.73% against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a descending channel pattern during Friday’s trading session.
Currently, the exchange rate is trading near the bottom border of the channel pattern at 1.2788 and could be set for a breakout.
If the breakout occurs, bearish traders are likely to continue to drive the price lower during the following trading session.
However, if the channel pattern holds, a surge towards a resistance cluster at 1.2853 could be expected today.
