The USD/CAD currency pair bounced off a support level at 1.2293 on Thursday. As a result, the US Dollar edged higher by 82 pips or 0.67% against the Canadian Dollar during Thursday’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 1.2400 level during the following trading session.
However, if the channel pattern holds, bearish traders could drive the currency exchange rate lower today.
