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On Thursday, the US Dollar declined by 88 pips or 0.69% against the Canadian Dollar. The currency pair tested the lower boundary of an ascending channel pattern during yesterday’s trading session.

Given that the support level of 1.2580 holds, bullish traders may pressure the exchange rate higher during Friday’s trading session. The potential target for buyers would be near the 1.2780 area.

However, the 200– hour SMA at 1.2665 could provide resistance for the USD/CAD currency exchange rate in the shorter term.