The US Dollar edged higher by 49 basis points or 0.37% in value against the Canadian Dollar on Monday. The currency pair tested the weekly R1 at 1.3197 during yesterday’s trading session.
Currently, the exchange rate is trading near a resistance line, formed by the weekly R1.
If the weekly resistance level holds, a brief downside retracement could occur within this session.
However, if the USD/CAD pair passes the weekly R1, a surge towards the monthly R1 at 1.3220 could be expected during the following trading session.
