The US Dollar has continued to trade in a narrow descending channel against the Canadian Dollar. The decline was temporary stopped by the weekly support level at 1.3181 on Wednesday.
The currency pair is currently trading near a resistance level formed by the 50-hour simple moving average at 1.3249.
If the USD/CAD pair passes the 50-hour SMA, bullish traders would likely aim for a resistance cluster set by the 100-hour moving average and the monthly pivot point at 1.3309.
However, technical indicators suggest that the currency exchange rate could continue its decline today.
