The USD/CAD currency pair bounced off a support level formed by the lower line of a descending channel pattern at 1.2009 on Tuesday. As a result, the exchange rate has surged by 75 pips or 0.62% since Tuesday’s trading session.
Given that a breakout had occurred through the upper boundary of the ascending channel pattern, buyers could aim at the 1.2120 level during the following trading session.
However, a resistance line at 1.2091 might provide resistance for the currency exchange rate in the shorter term.
