The US Dollar declined by 50 points or 0.38% against the Canadian Dollar on Friday. The currency pair breached the 50– hour simple moving average at 1.3008 during Friday’s trading session.

All things being equal, the exchange rate could continue to edge lower in a descending channel pattern. A breakout through the lower boundary of the channel pattern could occur within this session.

Furthermore, technical indicators suggest that bears are likely to dominate today’s trading session.