The US Dollar appreciated about 63 base points against the Canadian Dollar on Monday. The currency pair breached the upper boundary of a medium-term descending channel pattern at 1.3340 during yesterday’s trading session.
Given that a breakout had occurred, it is likely that the currency exchange rate will edge higher during the following trading session. The potential upside target will be near a resistance level formed by the 200-hour simple moving average at the 1.3373 region.
Although, technical indicators suggest that the USD/CAD pair could trade sideways movement within this session.
