The US Dollar traded with low volume against the Canadian Dollar on Thursday. The USD/CAD currency pair appreciated by 25 basis points during yesterday’s trading session.
The exchange rate is currently trading near the upper boundary of a descending channel pattern at 1.3142.
If the descending channel pattern holds, the pair will continue trading in the channel pattern within this session.
However, if the currency exchange rate breaks the channel, a surge towards the 200– hour SMA at 1.3169 could be expected today.
