The US Dollar edged higher over 90 base points against the Canadian Dollar on Thursday. A breakout occurred through the upper boundary of a junior ascending channel during Thursday’s trading session.
Given that a breakout had occurred, it is likely that bulls will continue their presence in the market during the following trading session. The possible upside target will be near the weekly R2 at 1.3370.
Although, it is likely that the currency exchange rate makes a brief retracement down towards a support level at 1.3247.
