The US Dollar surged by approximately 60 points or 0.56% against the Canadian Dollar on Monday. The currency pair breached a resistance cluster at 1.2768 during yesterday’s trading session.
The exchange rate is currently trading near the resistance cluster formed by the weekly pivot point and the 100– hour SMA at 1.2762.
If the cluster holds, the USD/CAD pair is likely to continue to edge lower in a descending channel pattern within this session.
However, if the currency exchange rate breaks the resistance cluster, a surge towards the weekly R1 at 1.2830 could be expected today.
