The US Dollar traded sideways against the Canadian Dollar on Thursday. The USD/CAD currency pair made about 35 pips or 0.28% move during Thursday’s trading session.

As for the near future, the exchange rate is likely to maintain the narrow descending channel pattern. The possible target for the pair will be near the weekly support line at 1.2200.

However, the currency exchange rate could reverse from the current price level at 1.2274 and target the weekly resistance level at 1.2405.