Upside risks dominated the US Dollar against the Canadian Dollar on Friday. As a result, a breakout through the upper boundary of a descending channel pattern occurred during Friday’s trading session.
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 buyers would be at the psychological resistance level at the 1.2800 level.
However, a resistance line at 1.2750 could provide resistance for the currency exchange rate within this session.
