The US Dollar surged by 100 pips or 0.74% against the Canadian Dollar on Tuesday. The currency pair tested the monthly resistance level at 1.3595 during yesterday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 1.3545.
If the ascending channel holds, bullish traders could pressure the price higher within this session.
However, if the currency exchange rate breaks the channel pattern, a descending towards the 1.3450 could be expected today.
