The US Dollar is currently trading in a junior descending channel pattern against the Canadian Dollar. The currency pair remained near the weekly support level at the 1.3250 marks.
The exchange rate will most likely bounce off the weekly support level within this session. Bullish traders could drive the price towards the resistance cluster formed by the 100– and 200– hour SMAs at 1.3279.
However, the 50– hour simple moving average at 1.3258 might provide resistance for the currency exchange rate during the following trading session