The US Dollar declined by 107 pips or 0.83% against the Canadian Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 1.2826 during yesterday’s trading session.
Currently, the exchange rate is trading near the bottom border of the channel pattern and could be set for a breakout. If the breakout occurs, a decline towards the 1.2770 area could be expected within this session.
However, if the ascending channel pattern holds, bullish traders could target the 1.2950 level during the following trading session.
