The US Dollar edged higher by about 72 base points against the Canadian Dollar on Friday. The currency pair tested the upper boundary of a triangle pattern at 1.3260 during the end of the previous trading session.
The exchange rate was trading near the bottom border of the triangle-like formation pattern at 1.3188 during the morning hours of Monday’s session and could be set for a breakout.
If this breakout occurs, the USD/CAD currency exchange rate will aim at a support level formed by the weekly S1 at 1.3152 today.
Furthermore, technical indicators suggest that the breakout might not be immediate.
