Upside risks dominated the US Dollar against the Canadian Dollar on Wednesday. The currency pair edged higher by 148 basis points or 1.12% during yesterday’s trading session.
Currently, the exchange rate is trading near the upper line of an ascending channel pattern and could be set for a breakout. If the breakout occurs, a surge towards the 1.3400 could be expected within this session.
However, if the channel pattern holds, bearish traders might aim at the 50– hour simple moving average at 1.3289 in the shorter term.
