On Monday, the US Dollar edged higher by 119 pips or 0.93% against the Canadian Dollar. The currency pair tested the upper boundary of an ascending channel pattern at 1.2850 during Monday’s trading session.
By and large, the exchange rate could continue to trend higher during the following trading session. The potential target for the USD/CAD pair will be near the 1.2920 level.
However, if the currency exchange rate breaks the support level at 1.2768, sellers may pressure the price lower today.
