USD/CAD analysis: Two scenarios likely
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The US Dollar declined by 38 pips or 0.30% against the Canadian Dollar on Thursday. The USD/CAD currency pair found support at 1.2476 during yesterday's trading session.
If the exchange rate breaks the support level at 1.2476, bearish traders are likely to pressure the price lower towards the 1.2420 area during the following trading session.
However, if the support line holds, the currency exchange rate might aim for the 1.2580 area today.
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