On Tuesday, the US Dollar edged higher by 90 pips or 0.74% against the Canadian Dollar. The currency pair tested the upper line of a descending channel pattern during yesterday’s trading session.
Technical indicators suggest buying signals on the 4H and daily time-frame charts. Most likely, buyers could pressure the exchange rate higher during the following trading session.
However, the upper boundary of the channel pattern could provide resistance for the USD/CAD currency exchange rate in the shorter term.
