USD/CAD supported by 55-hour SMA

The US Dollar began to weaken against the Canadian Dollar on Wednesday after the currency pair failed to move above the upper boundaries of both a descending trendline and the upper trendline.

The 55-hour simple moving average is currently providing support for the currency pair to push higher.

Everything being equal, it is likely that the USD/CAD currency exchange rate continue moving in the ascending channel until it reaches the upper boundary of its pattern during the following trading session.  


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