During yesterday’s trading session, the US Dollar appreciated about 57 basis points against the Canadian Dollar. A breakout occurred through the upper boundary of a descending channel pattern at 1.3060.
Given that a breakout had occurred, the USD/CAD exchange rate will most likely continue to edge higher today. The potential target for bullish traders would be at the weekly R1 at 1.3110.
However, the 200– hour simple moving average at 1.3086 could provide resistance for the currency exchange rate within this session
