The US Dollar maintained the junior descending channel pattern against the Canadian Dollar on Monday. However, the currency pair breached the upper boundary of the channel pattern during the morning hours of Tuesday’s trading session.
Given that a breakout had occurred, the USD/CAD exchange rate will most likely edge higher today. The currency exchange rate might target a resistance cluster formed by the monthly S1 and the 100-hour simple moving average at 1.3210.
If the 100– hour SMA holds, the pair will continue its downside movement during the following trading session.
