The USD/CAD currency pair bounced off from the lower line of a descending channel pattern at 1.2665 on Monday. As a result, the US Dollar rose by 100 basis points or 0.85% during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper boundary of the channel pattern could occur.
However, if the descending channel hold, bears could pressure the currency exchange rate towards the 1.2665 area within this session.
