The US Dollar has surged by 135 basis points or 0.97% against the Canadian Dollar since yesterday’s trading session. The currency pair tested the upper boundary of a descending channel pattern at 1.4020 on Friday morning.
As for today’s session, the USD/CAD exchange rate could continue to edge higher. The potential target for bullish traders would be near a psychological level at the 1.4150 area.
However, the weekly pivot point at 1.4048 could prevent bulls from driving the price higher within this session.
