Upside risks dominated the US Dollar versus the Canadian Dollar on Monday. As a result, the USD/CD currency pair surged by 84 basis points during yesterday’s trading session.
Most likely, the exchange rate will continue to trade north during the following trading session. Bullish traders could aim for the upper boundary of an ascending channel pattern at 1.3420.
Although, a resistance cluster formed by the weekly R1 and the monthly R2 near the 1.3340 area could prevent bulls from driving the currency exchange rate higher within the next hours of trading.