During yesterday’s trading session, the US Dollar surged by 295 basis points or 2.11% in value against the Canadian Dollar. The currency pair breached the weekly R2 at 1.4248 on Tuesday.
Everything being equal, the exchange rate will most likely continue to trade bullish. A breakout through the upper boundary of an ascending channel pattern could occur within this session.
On the other hand, the currency exchange rate might reverse from the current price level at 1.4332 and make a slight downside retracement during the following trading session.
