The US Dollar has been trading in a two-week ascending channel against the Canadian Dollar. The currency pair re-tested the bottom border of the channel pattern during Friday’s trading session.
The USD/CAD exchange rate breached both the 50– and 100-hour simple moving averages during the first half of today’s trading session.
Given that the currency exchange rate has breached the moving averages, bullish traders could push the rate towards a resistance cluster at 1.3315 today.
However, technical indicators demonstrate that bears will dominate the pair within this session.
