The US Dollar appreciated about 50 basis points against the Canadian Dollar on Wednesday. The currency pair tested October 3 swing high at 1.3346 during yesterday’s trading session.
Thursday’s trading session began with a bearish sentiment. By the middle of the trading day, the USD/CAD exchange rate tested the lower boundary of an ascending channel pattern at 1.33112.
Given that the currency exchange rate has breached the channel pattern, bearish traders would aim for the monthly pivot point at 1.3251 during the following trading session.
