The US Dollar depreciated about 50 base points against the Canadian Dollar on Wednesday. The decline was stopped by a support cluster formed by the combination of the weekly and the monthly pivot points at 1.3322.
Thursday’s trading session began with bullish sentiment, and by the middle of the day, the currency pair has breached both the 100– and 200-hour SMAs at 1.3340.
As for the near future, it is likely the USD/CAD currency exchange rate will aim for the upper boundary of an ascending channel pattern at 1.3363 during the following trading session.
