The US Dollar depreciated about 60 pips against the Canadian Dollar on Wednesday. The currency pair tested the lower boundary of an ascending channel pattern at 1.3266 during yesterday’s trading session.
The exchange rate has bounced off the bottom border of the channel pattern and gradually edging up.
By and large, the USD/CAD pair will aim for a retest of a resistance cluster formed by the weekly R1 and the monthly R2 at 1.3347 today.
However, the 50-hour simple moving average could provide resistance for the currency exchange rate within this session.
