The Canadian Dollar has surged by 2.55% against the Swiss Franc since the beginning of April. The currency pair tested the lower boundary of an ascending channel pattern at 0.6810 on April 21.
Given that the exchange rate has bounced off the bottom border of the channel pattern, bullish traders could continue to edge higher during the following trading sessions. The potential target for the CAD/CHF pair would be at the 0.7100 area.
Although, a resistance level formed by the weekly R1 at 0.6978 could provide resistance for the currency exchange rate in the shorter term.
