During the past 24 hours of trading, the US Dollar has surged by 176 pips or 1.25% against the Canadian Dollar. The currency pair breached the upper boundary of a dominant descending channel pattern on Tuesday morning.
As for the near future, the exchange rate will most likely continue to trend bullish. The potential target for the USD/CAD pair would be near the weekly R2 at 1.4337 within this session.
The currency exchange rate is likely to make a downside reversal from the weekly resistance level at 1.4337 during the following trading session.
