The US Dollar continued its upside movement against the Canadian Dollar on Wednesday. The currency pair ended yesterday’s trading session with a 98 base points gain.

The exchange rate was trading below the monthly resistance level at 1.3486 during the first part of Thursday’s trading session.

If the monthly R3 at 1.3503 holds, a decline towards a support level at 1.3399 could be expected within this session.

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On the other hand, if the pair passes the monthly R3, the next target for bullish traders will be at the upper boundary of a long-term ascending channel at 1.3532

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