A breakout through the upper boundary of a descending channel pattern occurred during the Asian trading session on Wednesday. The US Dollar has since appreciated about 95 base points against the Canadian Dollar during the last 24hrs.
The exchange rate broke a strong resistance level at 1.3153 and breached the 200-hour simple moving average near 1.3186 during the first half of Wednesday’s trading session.
Everything being equal, it is likely that the currency exchange rate will continue moving up towards the weekly R1 at 1.3238 today.
Although, the rate could aim for a resistance of the weekly pivot point at 1.3153 in the short term.
