The US Dollar managed to accelerate against its Canadian counterpart on Friday and consequently confirm a descending channel. However, the 55-hour SMA worked effectively at pushing the rate lower in this session.
As apparent from the pair’s movement in the channel, the US Dollar was trading in a relatively flat motion during its up-waves. This demonstrates that downside risks have mute any attempt of the Greenback to edge higher. It is expected that the pair could start to push aggressively northward this week to move away from the two-year low at 1.2065.
<img class="size-full wp-image-1811 aligncenter" src="http://range.itcornertest.com/wp-content/uploads/2017/09/Screen-Shot-2017-09-12-at-12.56.46-AM.png" alt="" width="830" height="522" />
In terms of the next 24 hours, however, the calm sentiment is likely to dominate the market but nevertheless result in the pair approaching a significant resistance set by the weekly and monthly PPs and the 100-hour SMA circa 1.2222.