A resistance level formed by the weekly R2 at 1.3318 pressured the US Dollar down against the Canadian Dollar on Wednesday. The currency pair depreciated by about 89 base pair during Wednesday’s session.
Technical indicators on both the smaller and the larger time frames suggest that bullish sentiment could be introduced in the following hours.
If this situation occurs, the next target for the bullish traders will be at the upper boundary of an ascending channel at 1.3372 during the following trading session
