The US Dollar versus the Canadian Dollar tested the upper boundary of a junior descending channel pattern at 1.3360 during the morning hours of Thursday’s trading session.
Given that the exchange rate is closer to the upper border of the descending channel, a breakout could be expected within this session.
If this breakout occurred, the currency exchange rate will aim for a resistance cluster formed by the 200-hour SMA and the weekly pivot point at 1.3382 today.
However, if the channel pattern holds, the pair will continue its movement in the descending channel pattern in the shorter term.
