The US Dollar surged by 72 pips or 0.59% against the Canadian Dollar on Wednesday. The currency pair breached the upper boundary of a descending channel pattern during the London open on Thursday.
The exchange rate is likely to continue to edge higher during the following trading session. The potential target for bullish traders could be near the 200– hour simple moving average at 1.2198.
On the other hand, the currency exchange rate might reverse from the current price level at 1.2137 and continue to decline in the descending channel pattern within this session.
