The US Dollar surged by 43 points or 0.34% against the Canadian Dollar on Thursday. The currency pair tested the upper line of a descending channel pattern at 1.2743 during the London session on Friday.
The exchange rate is currently trading near the upper boundary of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.2800 level could be expected within this session.
However, if the descending channel pattern holds, bearish traders might pressure the currency exchange rate lower today.
