During yesterday’s trading session, the US Dollar appreciated about 33 base points against the Canadian Dollar. The currency pair breached the 50-hour simple moving average at 1.3038.
By and large, it is likely that the currency exchange rate will trade south during the following trading session. The potential downside target will be near the weekly S1 at 1.2983.
However, given that the USD/CAD currency pair is near the upper line of a downtrend channel, a breakout could occur within this session.