The US Dollar appreciated about 77 pips against the Canadian Dollar on Friday. The currency pair was guided up by a narrow ascending channel pattern.
Currently, the exchange rate is trading near the lower band of the narrow ascending channel pattern at 1.3421 and could be set for a breakout.
If this breakout occurs, it is likely that bearish traders could push the currency exchange rate towards a support cluster at 1.3370.
Although, if the narrow ascending channel holds, the pair could aim for its upper boundary at 1.3465.
Currently, the exchange rate is trading near the lower band of the narrow ascending channel pattern at 1.3421 and could be set for a breakout.
If this breakout occurs, it is likely that bearish traders could push the currency exchange rate towards a support cluster at 1.3370.
Although, if the narrow ascending channel holds, the pair could aim for its upper boundary at 1.3465.