On Friday, the USD/CAD currency pair bounced off the lower line of an ascending channel pattern at 1.2588. As a result, the US Dollar surged by 103 pips or 0.82% against the Canadian Dollar.
Given that the currency pair has bounced off the bottom border of the channel pattern, buyers could continue to drive the exchange rate higher during the following trading session.
However, bullish traders might encounter resistance at 1.2700 within Monday’s trading session.
