The US Dollar declined by 91 points or 0.69% against the Canadian Dollar on Friday. The currency pair failed to surpass the upper boundary of a descending channel pattern during Friday’s trading session.
Technical indicators flash selling signals on the 4-hour time frame chart. Most likely, bears will pressure the USD/CAD exchange rate lower within the following trading session.
However, given that the currency exchange rate is currently trading near the upper line of the descending channel pattern, a breakout might occur before the end of today’s session.
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