The US Dollar has lost about 0.35% in value against the Canadian Dollar since yesterday’s trading session. The decline started after the currency pair tested a resistance level formed by the weekly R1 at 1.3270.
All things being equal, the weekly R1 could still provide resistance for the USD/CAD exchange rate during the following trading session.
If the bullish traders break the resistance line, the next target will be near the upper boundary of a dominant descending channel pattern at 1.3282.
Meanwhile, technical indicators demonstrate that the currency exchange rate will likely continue to gain strength today.
