The US Dollar traded sideways against the Canadian Dollar on Wednesday. The currency pair traded above the weekly R1 1.3283 level during Wednesday’s trading session.
Everything being equal, the USD/CAD exchange rate could edge higher in an ascending channel pattern. The potential target for the pair would be at the weekly R2 at 1.3317.
However, if the currency exchange rate breaks the weekly R2 at 1.3276, a decline towards the 1.3240 area could be expected during the following trading session
