Upside risks dominated the USD/CAD currency pair on Thursday. As a result, the US Dollar edged higher by 104 pips or 0.84% against the Canadian Dollar during yesterday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge higher in an ascending channel pattern during the following trading session. Buyers might target the 1.2640 level today.
However, the resistance level at 1.2612 could provide resistance for the currency exchange rate in the shorter term.
