The US Dollar appreciated about 90 base points against the Canadian Dollar on Tuesday. However, after hitting a resistance level set by the weekly R1 at 1.3329. the currency pair made a U-turn down.
The exchange rate was trading between the weekly resistance level at 1.3329 and the monthly R1 at 1.3291 during the European session on Wednesday and could be set for a breakout.
As for the near future, it is likely that the currency exchange rate will dash through the weekly R1 within this session and aim for a resistance cluster set by the weekly and the monthly PPs at 1.3425.
