The US Dollar was trading in a falling wedge pattern against the Canadian Dollar on Thursday. The currency pair breached the lower boundary of the pattern at 1.3087 during the Asian session on Friday.
A breakout through the bottom border the falling wedge pattern could occur within this session. If this breakout occurs, the exchange rate might end this week’s trading sessions on a losing note.
However, the pair could reverse from the current price level at 1.3087 and aim for the 50-hour SMA at 1.3122 today.