Upside risks dominated the US Dollar against the Canadian Dollar on Tuesday. The USD/CAD currency pair surged by 172 pips or 1.32% during yesterday’s trading session.
All things being equal, the exchange rate could continue to surge in an ascending channel pattern. A breakout through the upper line of the channel pattern could occur within this session.
However, the currency exchange rate could make a brief retracement towards the weekly support level at 1.3150 during the following trading session.
