The US Dollar edged lower by 45 pips or 0.35% against the Canadian Dollar on Wednesday. The currency pair tested the lower boundary of a descending channel pattern during yesterday's trading session.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Most likely, bearish traders could continue to pressure the exchange rate lower during the following trading session.
However, if the descending channel pattern holds, bulls could push the price a little bit higher within this session.
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