The US Dollar surged by 155 pips or 1.10% against the Canadian Dollar on Friday. The currency pair tested the upper boundary of a descending channel pattern during Friday’s trading session.

The exchange rate made a U-turn from the upper border of the descending channel pattern on Monday morning.

Most likely, the USD/CAD will continue to decline within this session. The potential target could be at the support cluster at 1.4019.

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However, technical indicators suggest that the currency exchange rate might trade bullish during the following trading session.

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