Upside risks have dominated the US Dollar against the Canadian Dollar since Friday’s trading session. A breakout occurred through the upper line of a descending channel pattern on Friday.
Given that a breakout has occurred, bullish traders are likely to continue to push the exchange rate higher during the following trading session. The possible target for bulls would be near the weekly R3 at 1.2950.
On the other hand, the currency exchange rate might make a brief pullback towards a support cluster at 1.2757 within this session.
