The US Dollar gained about 0.62% of its values against the Canadian Dollar on Monday. The currency pair bounced of its lower boundary of a junior descending channel pattern at 1.3200 during yesterday’s trading session.
The exchange rate breached the 50-hour simple moving average at 1.3254 during the middle of the European trading session on Tuesday.
Most likely, it is expected that the Greenback continues to rally today and potentially aim for a resistance cluster formed by the 100– and 200-hour SMAs at 1.3298.
However, the currency exchange rate needs to surpass a traditional weekly pivot point at 1.3271.
