The US Dollar bounced off the lower boundary of an ascending channel pattern at 1.3120 on Wednesday. The exchange rate tested a resistance cluster at 1.3171 during the beginning of the European trading session on Thursday.
As for the near future, it is likely that the US Dollar will continue to gain strength against its Canadian peers during the following trading session. The potential upside target will be at 1.3220.
Although, technical indicators suggest that a possible reversal from the resistance cluster at 1.3171 could be expected within this session.
