The US Dollar surged by 76 pips or 0.60% against the Canadian Dollar on Wednesday. The currency pair breached a resistance cluster at 1.2650 during yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders will be near the 1.2750 level.
However, the upper line of a descending channel pattern at 1.2700 could provide resistance for the currency exchange rate in this session.
