The USD/CAD currency pair has been trading in an ascending channel pattern since the beginning of this week.
As shown on the chart, the exchange rate was stranded between SMAs during the morning hours of Friday’s session. However, the pair is currently testing the resistance level formed by the 50-hour simple moving average and the monthly PP at 1.3289.
Moreover, technical indicators suggest that bullish momentum might continue to dominate the currency exchange rate today. The potential target will be at a swing high of 1.3360.
