The US Dollar surged by 85 pips or 0.65% against the Canadian Dollar on Thursday. The currency pair tested the weekly pivot point at 1.3127 during yesterday’s trading session.
The exchange rate is currently trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.3180 level could be expected within this session.
However, if the channel pattern holds, bearish traders are likely to pressure the currency exchange rate lower during the following trading hours.
