The US Dollar has declined by 67 pips or 0.53% against the Canadian Dollar since Wednesday’s trading session. The currency pair breached the 50– hour SMA support level at 1.2595 on Wednesday.
The USD/CAD exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target for sellers will be near the 1.2500 area.
However, bearish traders may encounter support at 1.2560 during Thursday’s trading session.