The US Dollar has been trading in an ascending channel pattern against the Canadian Dollar since the beginning of December. The pair revealed a new uptrend line during the previous session and tested the bottom border by the end of Wednesday’s trading session.
Technical indicators suggest that the bullish sentiment is likely to continue within this session.
However, given that the 50– and 100-hour SMAs are above the price level, it is possible that the currency exchange rate will target the 200-hour simple moving average at 1.3596 today.
