The US Dollar has appreciated about 41 basis points against the Canadian Dollar since Monday’s trading session. The currency pair was guided up by the 50– hour simple moving average during yesterday’s trading session.
As for the near future, the USD/CAD exchange rate will likely continue to edge higher within this session. The potential target for bullish traders will be near the upper boundary of an ascending channel pattern at 1.3300.
However, the weekly resistance level at 1.3270 could hinder bullish traders from driving the price further north.