The USD/CAD exchange rate bounced off from the lower line of a descending channel pattern on Thursday. As a result, the US Dollar has surged by 66 pips or 0.52% against the Canadian Dollar since yesterday’s trading session.
Given that the currency pair has bounced off the lower line of the channel pattern, bullish traders are likely to pressure the price higher during the following trading session.
However, the 200– hour simple moving average at 1.2758 could provide resistance for the currency exchange rate during Friday’s trading session.
