The US Dollar declined by 64 points or 0.49% against the Canadian Dollar on Thursday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.

The USD/CAD pair is currently trading near the bottom border of an ascending channel pattern at 1.3068 and could be set for a breakout.

If the channel pattern holds, bullish traders are likely to target the 1.3120 level within this session.

However, if the exchange rate breaks the channel pattern, a decline towards the 1.3020 area could be expected today.