The US Dollar surged by 40 pips or 0.30% against the Canadian Dollar on Friday. The currency pair tested the upper border of a descending channel pattern at 1.3330 during Friday’s trading session.
The exchange rate reversed from the upper boundary of the descending channel late Friday session. Most likely, bearish traders will pressure the USD/CAD pair lower today.
However, a support cluster formed by the monthly pivot point and the weekly S1 at 1.3243 could provide support for the currency exchange rate during the following trading session.
