The US Dollar against the Canadian Dollar bounced off from the lower boundary of a descending channel pattern at 1.2934 during yesterday’s trading session. As a result, the exchange rate surged by 79 basis points or 0.61% on Monday.
Currently, the currency pair is trading near the weekly support level at the 1.2934 area.
If the weekly S1 holds, the USD/CAD pair could edge higher during the following trading session.
However, if the currency exchange rate breaks the weekly support line, bearish traders are likely to continue to push the price lower today.
