A one-week ascending channel has guided the movement of the US Dollar against the Canadian Dollar. The currency pair bounced off its lower boundary on October 1 and followed by a short-term upside wave.
The 50-hour simple moving average at 1.2960 was providing support for the exchange rate during the morning hours of Tuesday’s trading session.
If this support level holds, the currency exchange rate could target a resistance cluster formed by the combination of the weekly and the monthly PPs at the 1.3006 regions within this session.
Furthermore, technical indicators on the 4(H) time frame suggest that the bullish sentiment is likely to continue within the following trading session.
