USD/CAD analysis: Breakout occurs
|USD/CAD
The US Dollar has declined by 147 basis points or 1.08 against the Canadian Dollar since yesterday's trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Tuesday.
Given that a breakout had occurred, the USD/CAD exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be at the 1.3500 level.
However, the weekly support level at 1.3541 could provide support for the currency exchange rate within this session.
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