The 50-hour simple moving average has guided the US Dollar higher against the Canadian Dollar since December 24.
Presently, the exchange rate is trading near a support level formed by the 50-hour SMA at 1.3593.
If the currency pair passes the support level as mentioned above, the next target will be at a support cluster near the 1.3527 area.
On the other hand, if the 50-hour moving average holds, bullish traders could push the currency exchange rate towards the upper boundary of a one-week ascending channel pattern at 1.3650.
