The US Dollar has declined by 43 points or 0.32% against the Canadian Dollar since yesterday’s trading session. The exchange rate bounced off the bottom line of an ascending channel pattern on Tuesday morning.
All things being equal, the currency pair could continue to edge up within this session. Buyers are likely to target the 1.3200 level.
However, a resistance cluster formed by the 50– and 100– hour SMAs and the monthly pivot point at 1.3172 could provide a barrier for buyers during the following trading session.
