Upside momentum dominated the US Dollar against the Canadian Dollar on Thursday/ the currency pair breached the upper boundary of a medium-term descending channel pattern at 1.3120 during the morning hours of Friday’s trading session.
Given that a breakout had occurred, it is likely that bullish traders could drive the currency exchange rate towards the weekly resistance level at 1.3185 before the end of today’s session.
Meanwhile, the US macroeconomic data releases scheduled at 12:30 GMT could play a significant roll in the positioning of the price today.
