The US Dollar edged higher by 88 points or 0.69% against the Canadian Dollar on Friday. The currency pair tested the upper line of a descending channel pattern at 1.2732 during Friday’s trading session.
All things being equal, the exchange rate is likely to continue to surge during the following trading session. A breakout through the upper boundary of the channel pattern could occur.
However, if the descending channel holds, bearish traders could pressure the currency exchange rate towards the weekly S1 at 1.2611 within this session.
