Upside risks dominated the US Dollar against the Canadian Dollar on Wednesday, as the exchange rate ended the trading session with 116 base points gain. The price also tested the 38.20% Fibo.
After reaching near a support level set by the 200-hour simple moving average, mid-session on Wednesday, the currency pair pullback and gradually moving towards a resistance cluster at the 1.3096 regions.
Technical Indicators on the weekly time-frame suggest that the bullish sentiment could continue within this session. Therefore, bulls are likely to target the upper boundary of an ascending channel during the following trading session.
