The US Dollar traded with low volatility against the Canadian Dollar on Thursday. However, a breakout occurred through the upper boundary of a descending channel pattern at the end of yesterday’s session.
Given that a breakout had occurred, it is likely that the currency exchange rate edges higher within this session. The possible upside target will be near the weekly R1 at 1.3421.
Although, the US macroeconomic data releases scheduled at 12:30 GMT could play an influential role in the USD/CAD currency pair movement today.
