The 50– hour simple moving average guided the US Dollar against the Canadian Dollar on Wednesday. The currency pair tested the weekly R1 at 1.3270 during yesterday’s trading session.
As for the near future, the USD/CAD exchange rate will most likely continue to edge up within this session. Bullish traders could target the upper border of a dominant descending channel pattern at 1.3282.
However, the weekly R1 at 1.3270 could still provide resistance for the currency exchange rate during the following trading session.
