The US Dollar edged higher by 56 points or 0.44% against the Canadian Dollar on Wednesday. The currency pair made a new daily higher at 1.2830 during yesterday’s trading session.
Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, the USD/CAD exchange rate could continue to trend in a descending channel pattern during the following trading session.
On the other hand, the currency exchange rate might reverse from the current price line at 1.2805 and target the upper boundary of the channel pattern at 1.2853 today.
