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.
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