USD/CAD Analysis: Breaks Channel Pattern

The US Dollar declined by 46 points or 0.34% against the Canadian Dollar on Thursday. The currency pair tested the lower boundary of an ascending channel pattern at 1.3563 during yesterday’s trading session.

The exchange rate broke the channel pattern on Friday morning. Given that a breakout had occurred, bearish traders could continue to pressure the price lower during the following trading session.

However, the monthly pivot point at 1.3563 could provide support for the currency exchange rate in the shorter term.

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