The price movement of the US Dollar against the Canadian Dollar has been guided by an ascending channel. The currency pair tested the lower boundary of the channel pattern at 1.3244 during yesterday’s trading session.
Everything being equal, it is likely that the US Dollar will maintain the ascending channel today. The short-term target for bullish traders would be near a resistance level at 1.3337.
Furthermore, the 50-, 100-hour simple moving averages are providing support for the currency exchange rate at 1.3261.