Bullish sentiment has continued to pressure the US Dollar higher against the Canadian Dollar. The currency pair has appreciated by 79 basis points since yesterday’s trading session.
Everything being equal, the USD/CAD exchange rate will most likely continue to edge up within the following trading session. A potential breakout through the upper boundary of a descending channel pattern could occur.
However, a resistance cluster formed by the upper line of the descending channel and the combination of the monthly PP and the weekly R1 at 1.3070 could prevent bullish traders from pushing the currency exchange rate higher today.
