Since August 21, the US Dollar has appreciated about 0.48% in value against the Canadian Dollar. The currency pair has breached both the 50-, 100– and 200– hour simple moving averages.
The USD/CAD pair will most likely aim at a resistance cluster formed by the weekly R1 and the monthly R2 at 1.3347 today.
If the currency exchange rate surpass the resistance cluster as mentioned above, the next target for bullish traders would be near the upper boundary of an ascending channel pattern at 1.3420.
