The US Dollar has surged by 89 pips or 0.70% against the Canadian Dollar since Friday’s trading session. A breakout occurred through the upper boundary of an ascending channel pattern on Monday morning.
Given that a breakout has occurred, bullish traders are likely to continue to pressure the exchange rate higher during the following trading session. The potential target for the USD/CAD pair would be near the 1.2800 level.
However, the weekly resistance level at 1.2778 could provide resistance for the currency exchange rate within this session.
