The USD/CAD currency pair rebounded from a one– week low at the 1.2600 level during yesterday’s trading session. As a result, the US Dollar has surged by 79 pips or 0.63% against the Canadian Dollar since yesterday’s trading session.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly resistance level at 1.2735 could be expected within this session.
However, if the channel pattern holds, bearish traders are likely to continue to pressure the currency exchange rate lower during the following trading session.
