The US Dollar surged by 40 basis points against the Canadian Dollar on Friday. A breakout occurred through the upper boundary of a descending channel pattern during Friday’s trading session.
Given that a breakout had occurred, the USD/CAD currency pair will most likely continue to edge higher within this session. The potential target will be at resistance cluster formed by the monthly pivot point and the weekly R1 at 1.3085.
Furthermore, technical indicators demonstrate that the currency exchange rate would continue to trade bullish in the shorter term.
