The US Dollar appreciated about 77 pips against the Canadian Dollar on Friday. The currency pair was guided up by a narrow ascending channel pattern.
Currently, the exchange rate is trading near the lower band of the narrow ascending channel pattern at 1.3421 and could be set for a breakout.
If this breakout occurs, it is likely that bearish traders could push the currency exchange rate towards a support cluster at 1.3370.
Although, if the narrow ascending channel holds, the pair could aim for its upper boundary at 1.3465
