USD/CAD Analysis: Potential breakout
|USD/CAD
Upside risk dominated the USD/CAD currency pair on Tuesday. As a result, the US Dollar gained about 101 base points against the Canadian Dollar during the end of yesterday's session.
The exchange rate is currently trading near the upper boundary of a one-week descending channel pattern at 1.3280 and could be set for a breakout.
If the breakout occurs, the currency exchange raw will target November 30 swing high at 1.3320.
However, if the resistance level holds, the pair could aim for a support level set by the 100– and 200-hour SMAs at 1.3245.
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