The US Dollar edged higher by 69 pips or 0.52% in value against the Canadian Dollar on Monday. A breakout occurred through the upper boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, the USD/CAD exchange rate will continue to surge within this session. The potential target for the pair will be near a resistance level at the 1.3317.
However, the currency exchange rate might make a brief downside retracement towards the 50– hour simple moving average at 1.3253 could be expected during the following trading session.
