USD/CAD Bounces Off Support

The US Dollar declined by 49 pips or 0.39% against the Canadian Dollar on Friday. The decline was stopped by the lower boundary of an ascending channel pattern during Friday’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. The potential target for bullish traders will be at the 1.2680 area.


However, the weekly resistance level at 1.2648 could provide resistance for the currency exchange rate within this session.



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