The US Dollar has surged by 61 basis points or 0.46% against the US Dollar since Friday’s trading session. A breakout occurred through the upper line of a descending channel pattern during the Asian session on Monday.
Given that the exchange rate has breached the descending channel pattern, bullish traders could continue to pressure the USD/CAD pair higher during the following trading session.
However, a resistance level near the 1.3172 area could provide a barrier for bulls in the shorter term.
