A narrow ascending channel pattern continued to guide the US Dollar higher against the Canadian Dollar. The currency pair appreciated by about 100 base points during yesterday’s trading session.
The exchange rate is currently trading near the upper boundary of a medium-term ascending channel pattern at 1.3436.
If the resistance level formed by the upper boundary of the channel pattern holds, a decline towards the 50-hour SMA at 1.3384 could be expected within this session.
Moreover, If the pair passes the medium-term channel, the next target will be near the Janaury 29 high at 1.3700.
