The US Dollar surged by 64 basis points or 0.51% against the Canadian Dollar on Monday. The currency pair bounced off the lower boundary of an ascending channel pattern during yesterday’s trading session.
Everything being equal, the USD/CAD exchange rate is likely to continue to edge higher in the ascending channel pattern. Bulls could target the weekly R1 at 1.2822 within this session.
However, a resistance level at 1.2793 could provide resistance for the currency exchange rate today.
