The US Dollar appreciated about 71 base points against the Canadian Dollar on Wednesday. The currency pair bounced off from the lower boundary of a junior ascending channel at 1.3200 during yesterday’s trading session.
The exchange rate is currently stranded between SMAs. The 100-hour simple moving average is providing resistance for the pair, while the 50-hour SMA and the weekly pivot point is providing support.
As for the near future, it is likely that the currency exchange rate could breach the junior ascending channel.
Meanwhile, technical indicators demonstrate the pair could trade sideways within this session.
