The US Dollar is trading in a triangle-like formation pattern against the Canadian Dollar. The currency pair tested the lower boundary of the triangle pattern at 1.3340 during Friday’s trading session.
Currently, the exchange rate is trading near the bottom border of the pattern and could be set for a breakout.
If this breakout occurs, the currency exchange rate will likely target a swing low of 1.3320 within this trading session.
On the other hand, if the support level formed by the 100-hour SMA and the weekly PP at 1.3374 holds, the rate will move north towards the 1.3419 mark.
