Upside risks dominated the US Dollar against the Canadian Dollar on Thursday. As a result, the USD/CAD currency pair surged by 88 pips or 0.73% during Thursday’s trading session.
Given that the exchange rate has breached the descending channel pattern, bullish traders are likely to drive the price higher during the following trading session. The possible target for buyers will be near the 1.2160 area.
However, Friday’s microeconomic data releases schedule at 12:30 GTM could influence the overall movement of the curre3ncy exchange rate.
