The US Dollar surged by 92 pips or 0.66% against the Canadian Dollar on Friday. The currency pair bounced off the lower boundary of an ascending channel pattern during Friday’s trading session.
Everything being equal, the USD/CAD exchange rate could edge higher in the ascending channel pattern. The potential target for bullish traders would be at the 1.4150 area.
However, given that the currency exchange rate is currently trading near the lower boundary of the ascending channel pattern, a breakout might occur during the following trading session.
