The US Dollar depreciated about 53 basis points against the Canadian Dollar on Tuesday. The currency pair was pressured down by the 50– hour simple moving average during yesterday's trading session.
Everything being equal, it is likely bears would continue to dominate the currency pair during the following trading session. The short term target for bearish traders will be near the monthly S2 at 1.3108.
Given that the currency exchange rate is near the upper boundary of a descending channel pattern, a breakout might occur within this session.
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