The US Dollar rose by 71 pips or 0.54% against the Canadian Dollar on Wednesday. The currency pair tested the 200– hour simple moving average at 1.3156 during yesterday’s trading session.
The exchange rate is likely to maintain the descending channel pattern during the following trading session. Bearish traders could target the weekly support level at 1.3100.
However, the currency exchange rate might reverse from the 50– hour SMA at 1.3136 and breaks the channel pattern within the next 24 hours.
