During the first half of yesterday’s trading session, the US Dollar declined by 91 pips or 0.72% against the Canadian Dollar. However, the currency pair regained the lost points by the end of the day.
All things being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper boundary of a descending channel pattern could occur.
Although, Friday’s macroeconomic data releases scheduled at 13:30 GMT could play an important role in the overall movement of the currency exchange rate in the shorter term.
