The USD/CAD exchange rate bounced off from a support level formed by the lower boundary of an ascending channel pattern at 1.3040 during the end of yesterday’s trading session. As a result, the Greenback surged by 72 pips or 0.55% against the Canadian Dollar.
Everything being equal, the currency pair is likely to continue to trend bullish during the following trading session. The potential target for bulls would be near the 1.3140 level.
However, a resistance line at the 1.3120 area could provide a barrier for bullish traders in the shorter term.
