The US Dollar declined by 82 pips or 0.65% against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a descending channel pattern during Friday’s trading session.
The exchange rate bounced off from the bottom border of the channel pattern at 1.2526 during the Asian session on Monday.
Most likely, the USD/CAD pair could continue to edge higher during the following trading session.
However, a resistance cluster at 1.2571 is likely to provide resistance for the currency exchange rate in the shorter term.
