USD/CAD Analysis: Likely to maintain channel

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The US Dollar appreciated about 80 base points against the Canadian Dollar on Friday. The currency pair tested the upper boundary of a descending channel pattern during Friday's trading session.

Today's trading session began with a bearish sentiment. By the middle of the European session, the Greenback had depreciated about 0.37% in values against its Canadian counterpart.

By and large, it is likely that the USD/CAD currency exchange rate will maintain its descending channel pattern today. The possible downside target for bearish traders will be near a support level at 1.3271.

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