The US Dollar depreciated by about 35 basis points against the Canadian Dollar on Thursday. The currency pair breached the monthly pivot point at 1.3183 during the morning hours of Friday's trading session.
All things being equal, the USD/CAD exchange rate will most likely edge up within this session. Bulls might drive the price towards the upper boundary of an ascending channel pattern at 1.3296.
However, the surge might not be immediate, as the weekly R1 at 1.3217 could restrict such movement in the shorter term.
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