The US Dollar has surged by 27 basis points or 0.21% in value against the Canadian Dollar since Monday’s trading session. The currency pair breached the upper boundary of a junior descending channel pattern on Tuesday morning.
Most likely, given that the exchange rate has breached the junior descending channel pattern, a surge towards a resistance cluster formed by the weekly pivot point and the 200– hour simple moving average at 1.3273 could be expected today.
A pullback could occur from the resistance cluster, as mentioned above, during the following trading session.
