The US Dollar appreciated about 94 base points against the Canadian Dollar on Wednesday. The exchange rate breached the 200-hour simple moving average at 1.3177 during yesterday’s trading session.
The currency pair was moving towards the upper boundary of a junior ascending channel during the first half of Thursday’s session.
Most likely, the currency exchange rate will aim at a swing high of 1.3302 during the following trading session.
However, a resistance level formed by the upper boundary of the channel pattern at 1.3250 could prevent such a scenario to occur.
