USD/CAD Breakout Occurs

The US Dollar declined by 85 pips or 0.67% against the Canadian Dollar on Thursday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.

Given that a breakout has occurred, the USD/CAD exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders will be near the 1.25200 area.

However, the weekly pivot point at 1.2560 could still provide support for the currency exchange rate within this session.