The US Dollar surged by 68 pips or 0.55% against the Canadian Dollar on Monday. The currency pair tested the upper line of a descending channel pattern during Monday’s trading session.
The exchange rate reversed from the upper boundary of the channel pattern during the Asian session on Tuesday. Most likely, bearish traders could continue to drive the USD/CAD pair lower today.
However, the currency exchange rate might find support at 1.2487 during the following trading session.
