The US Dollar fell by 58 pips or 0.45% against the Canadian Dollar on Monday. The currency pair tested the lower line of a descending channel pattern at 1.2610 on Tuesday morning.
Given that the exchange rate has bounced off the bottom border of the descending channel, a surge towards an order block near the 1.2674 could be expected within this session.
However, a resistance line at 1.2639 could provide resistance for the currency exchange rate in the shorter term.
