During the last 24 hours, the US Dollar has appreciated about 55 base points against the Canadian Dollar. The currency pair tested the lower boundary of an ascending channel pattern at 1.3400 during yesterday’s trading session.
As for the near future, it is likely that the USD/CAD exchange rate will continue its surge within this session. The potential upside target will be near the monthly pivot point at 1.3465.
However, it is important to note that the Canadian macroeconomic data releases scheduled at 12:30 GMT could play an influential role in the currency exchange rate movement during the following trading session.
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