The US Dollar traded near the monthly R2 at 1.3166 against the Canadian Dollar on Thursday. The currency pair tested the 50– hour simple moving average at 1.3148 during the morning hours of today’s trading session.

By and large, if the support level formed by the 50– hour SMA holds, bulls could control this session and a potential breakout could occur through the upper boundary of a descending channel pattern at 1.3195.

However, the monthly R2 at 1.3156 could continue to restrict bullish traders from pushing the currency exchange rate higher during the following trading session.

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