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USD/CAD Likely To Consolidate After Decline

Downside risks have been dominating the USD/CAD exchange rate since Thursday’s trading session. As a result, the US Dollar has depreciated about 210 base points against the Canadian Dollar.

The currency pair is gradually moving towards the lower boundary of an ascending channel pattern at 1.3350.

However, technical indicators flash mix signals. Therefore, it is likely that the currency exchange rate could consolidate below a resistance cluster formed by the weekly and the monthly PPs at 1.3489 today.

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