During Friday’s trading session, the US Dollar declined by 65 pips or 0.49% in value against the Canadian Dollar. The currency pair was pressured lower by the 50-, 100– and 200– hour SMAs on Friday.
Monday’s trading session began with a bullish sentiment. As a result, a breakout occurred through the upper boundary of a descending channel pattern at 1.3264.
Most likely, the bullish momentum will continue until the exchange rate reaches the weekly R2 at 1.3309.
Although, the currency exchange rate is expected to make a brief downside pullback within the following trading session.
