The US Dollar has appreciated about 115 base points against the Canadian Dollar since the beginning of May. The currency pair has breached both the 50-, 100– and 200-hour SMAs during the period.
Bullish traders are likely to aim for a swing high at 1.3516 during the following trading session. However, the currency pair needs to surpass a resistance level formed by the upper boundary of a downtrend line at 1.3448.
Meanwhile, technical indicators flash buy signals on the daily time-frame chart. Therefore, the currency exchange rate will continue its upside movement during the following trading sessions.
