The US Dollar declined by 84 pips or 0.67% against the Canadian Dollar on Wednesday. A breakout occurred through the lower boundary of a descending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, bearish traders could continue to pressure the exchange rate lower during the following trading session. The potential target for bearish traders will be near the weekly S3 at 1.2402.
However, the weeklyS2 at 1.2498 could provide support for the currency exchange rate within this session.
