The US Dollar edged up by about 52 base points against the Canadian Dollar on Friday. The currency pair breached the 200-hour simple moving average during Friday’s trading session.
The exchange rate was trading near the lower boundary of an ascending channel pattern at 1.3378 during the first half of Monday’s trading session and could be set for a breakout.
If this breakout occurs, the USD/CAD currency exchange rate will aim for the 100-hour SMA at 1.3348.
However, technical indicators suggest that the breakout might not occur today.
