The US Dollar surged by 57 basis points or 0.44% against the Canadian Dollar during the first half of yesterday’s trading session. The currency pair tested the upper line of a descending channel pattern at 1.2868 on Monday.
Technical indicators demonstrate that the exchange rate is likely to edge lower during the following trading session. The potential target for bears would be at the weekly S1 at 1.2780.
However, the 200– hour simple moving average at 1.2822 could provide resistance for the currency exchange rate within this session.
