The US Dollar depreciated about 42 basis points against the Canadian Dollar on Friday. The currency pair tested the lower boundary of an ascending channel at 1.3260 during Friday’s trading session.
The exchange rate bounced off from the bottom border of the channel pattern at 1.3260 during the morning hours of today’s trading session. As a result, the pair surged about 0.22% in value.
The USD/CAD pair will most likely continue its upside movement today. However, a resistance level formed by the weekly R1 at 1.3311 could provide resistance to the currency exchange rate within this session.
