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USD/CAD Likely To Break Channel Pattern

On Tuesday, the US Dollar surged by 98 pips or 0.78% against the Canadian Dollar. The currency pair tested the upper boundary of a descending channel pattern during yesterday’s trading session.

Everything being equal, the exchange rate could continue to trend higher during the following trading session. The potential target for the USD/CAD pair would be near the 1.2800 level.

However, the 200– hour simple moving average at 1.2715 could provide resistance for the currency exchange rate within this session.