The US Dollar appreciated about 63 basis points against the Canadian Dollar on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern during the previous session.
The USD/CAD exchange rate will likely aim for a support cluster formed by the 38.20% Fibonacci retracement level and the 50– hour simple moving average at the 1.3275 area within this session.
If this support cluster holds, a possible upside reversal could occur during the following trading session.
