The US Dollar declined by 43 basis points against the Canadian Dollar on Wednesday. The decline was stopped by the weekly pivot point at 1.3036 during yesterday's trading session.
A breakout occurred through the lower boundary of an ascending channel pattern at 1.3040 during the morning hours of Thursday's trading session.
Given that a breakout had occurred, a decline towards the psychological support level at 1.3000 could be expected.
However, a support level formed by the 200– hour simple moving average at 1.3033 could provide support for the currency exchange rate today.
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