The US Dollar has declined by 90 pips or 0.71% against the Canadian Dollar since yesterday’s trading session. The currency pair breached a support level at 1.2520 on Thursday morning.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for ab breakout.
If the breakout occurs, a decline towards the 1.2440 level could be expected within this session.
However, if the channel pattern holds, buyers could come into play during the following trading hours.
