The US Dollar traded sideways against the Canadian Dollar on Wednesday. The USD/CAD currency pair consolidated near the 1.4019 area during yesterday’s trading session.
The exchange rate is currently trading near the bottom border of a dominant ascending channel pattern at 1.4039. Most likely, a breakout could occur within this session.
However, if the channel pattern holds, bulls could pressure the currency exchange rate higher towards the 200– hour simple moving average at 1.4118 during the following trading session.
