The US Dollar has appreciated about 33 basis points against the Canadian Dollar since Wednesday’s trading session. The currency pair was pressured up by the 200– hour simple moving average.
As for the near future, the exchange rate will likely continue to appreciate in an ascending channel pattern. The possible target for the USD/CAD pair will be near the monthly R1 at 1.3324 mark.
A potential downside reversal could occur from the monthly resistance level at 1.3324 during the following trading session.
