The US Dollar appreciated about 92 base points against the Canadian Dollar on Thursday. The surge was stopped by a resistance level formed by the upper boundary of a medium-term ascending channel pattern at 1.3650 during yesterday’s trading session.
However, after hitting the resistance level as mentioned above, the exchange rate made a pullback down. Currently, the pair is testing the 50– and 100-hour simple moving average at 1.3608.
If the SMAs holds, the USD/CAD currency exchange rate will continue its northern movement and potentially break the medium-term channel pattern during the following trading session.
