The US Dollar surged by about 72 basis points against the Canadian Dollar on Monday. A breakout occurred through the upper boundary of a descending channel pattern at 1.3277 during yesterday’s trading session.
Given that a breakout had occurred, the USD/CAD currency pair will most likely continue its bullish momentum today. Bulls could drive the exchange rate towards a resistance cluster formed by the weekly R1 and the monthly pivot point at 1.3338 within this session.
Furthermore, technical indicators demonstrate strong bullish signals on the daily time-frame chart.
