The US Dollar has surged by 66 pips or 0.51% in value against the Canadian Dollar since Friday’s trading session. The currency pair was pressured north by the 50– hour simple moving average.
Everything being equal, the USD/CAD exchange rate will likely continue to trade bullish within this session. The potential target for the pair would be near the upper boundary of an ascending channel pattern at 1.3197.
A possible downside retracement could occur from the resistance level formed by the upper boundary of the ascending channel pattern during the following trading session.
