The US Dollar surged by 96 basis points or 0.72% against the Canadian Dollar on Wednesday. The currency pair tested the upper boundary of an ascending channel pattern at 1.3389 during yesterday’s trading session.

Everything being equal, bullish traders are likely to continue to pressure the USD/CAD exchange rate higher during the following trading session. The potential target would be at the 1.3450 level.

On the other hand, the currency exchange rate could make a brief retracement towards the 1.33446 area with this session.

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