A breakout occurred through the lower boundary of an ascending channel pattern at 1.3421 during yesterday’s trading session.
The exchange rate is expected to make a pullback towards a resistance level formed by the 50-hour simple moving average at 1.3421.
If the resistance level holds, the currency exchange rate might continue its southern movement within this session.
However, if the USD/CAD currency pair passes the 50-hour SMA, a surge towards the weekly pivot point at 1.3460 could be expected today.
