The US Dollar edged higher by 65 pips or 0.53% against the Canadian Dollar on Tuesday. The currency pair tested the 1.2400 level during yesterday’s trading session.
By and large, the exchange rate is likely to continue to surge in an ascending channel pattern during the following trading session. The potential target for buyers will be near the weekly R1 at 1.2434.
However, the resistance line at 1.2400 could still provide resistance for the USD/CAD currency exchange rate within this session.
