The 50– hour simple moving average guided the US Dollar against the Canadian Dollar on Monday. The currency pair made about 180 pips or 1.35% in value during yesterday’s trading session.
Everything being equal, the exchange rate will most likely continue to edge higher. A breakout through the upper boundary of a junior ascending channel pattern could occur within this session.
If the junior ascending channel holds, the currency exchange rate would make a brief downside retracement during the following trading session.
