The US Dollar depreciated about 80 basis points against the Canadian Dollar on Tuesday. The exchange rate pierced the bottom border of an ascending channel pattern at 1.3200 during yesterday’s trading session.
Regarding the near future, the currency pair could edge up during the following trading session. The potential target for bullish traders would be near the weekly resistance level at 1.3319.
However, the currency exchange rate needs to surpass both the 50-, 100– and 200– hour SMAs before reaching the given target.