The US Dollar edged lower about 78 base points against the Canadian Dollar on Tuesday. The currency pair dashed through a support cluster at 1.3279 during the previous trading session.
The exchange rate is trading near the upper boundary of a descending channel pattern at 1.3241 during the middle of the European trading session on Wednesday and could be set for a breakout.
If this breakout occurs, the USD/CAD currency exchange rate will target the 50-hour simple moving average at 1.3290 during the following trading session.
