During the first part of Monday’s trading session, the US Dollar surged by 119 basis points or 0.93% against the Canadian Dollar. However, the currency pair surrendered the earlier profits by the end of the day.
All things being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the support level at 1.2727 holds, the currency exchange rate could make a new high within this session.
