The US Dollar surged by 99 pips or 0.71% against the Canadian Dollar on Wednesday. The currency pair tested the upper boundary of a dominant descending channel pattern at 1.4102 during yesterday’s trading session.
Everything being equal, the USD/CAD exchange rate could continue to trade bullish within this session. The possible target for bulls would be near the upper line of a junior ascending channel pattern at 1.4150.
However, technical indicators suggest that the currency exchange rate could edge lower during the following trading session.
