During the past 24 hours of trading, the US Dollar has appreciated about 35 basis points against the Canadian Dollar. The currency pair tested a resistance level formed by the upper boundary of a descending channel pattern at 1.3260 during the European trading session on Tuesday.
The USD/CAD exchange rate will most likely break the descending channel pattern within this session. Bullish traders could aim for a swing high at 1.3280.
On the other hand, the currency exchange rate might reverse from the current price level and continue moving in the descending channel pattern during the coming trading hours.
