USD/CAD Analysis: Breakout occurs


The US Dollar appreciated about 92 base points against the Canadian Dollar on Monday. A breakout occurred through the upper boundary of a medium-term descending channel pattern at 1.3386 during yesterday's trading session.

As for the near future, it is likely that the currency exchange rate will continue its upside momentum during the following trading session. Bullish traders could push the exchange rate closer to the weekly R2 at 1.3448.

Although, the USD/CAD currency pair could reverse from the current price level at 1.3390 and aim for the 50-, 100– and 200-hour SMAs at 1.3348 today.



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