The US Dollar has edged higher by 133 pips or 0.99% against the Canadian Dollar since Thursday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern on Friday morning.
Given that a breakout had occurred, bullish traders are likely to pressure the USD/CAD exchange rate higher within this session. The possible target for the pair will be at the weekly R1 at 1.3650.
However, the currency exchange rate could make a U-turn from the resistance line at 1.3609 and aim for the support cluster formed by the 50– and 100– hour SMAs at 1.3551 today.
