The USD/CAD currency pair bounced off the lower boundary of a descending channel pattern at 1.2636 on Wednesday. As a result, the US Dollar surged by 66 points or 0.53% against the Canadian Dollar.
All things being equal, the exchange rate is likely to continue to edge lower in the descending channel during the following trading session. The potential target for bears would be at the 1.2600 level.
However, the currency exchange rate might make a brief upside move towards the 1.2712 area within this session.
