The US Dollar appreciated about 85 base points against the Canadian Dollar on Monday. The currency pair breached a resistance cluster formed by a weekly pivot point and the 50– and 100-hour SMAs at 1.3183 during Monday’s trading session.
A breakout occurred through the upper boundary of a medium-term descending channel at 1.3200 during the first half of today’s trading session.
Given that a breakout had occurred, it is likely that the will target a resistance level at 1.3236 within this session.
However, it is important to note that the 200-hour simple moving average at 1.3219 could hinder such movement today.
