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Analysis

USD/CAD analysis: Breakout could occur

USD/CAD

The USD/CAD currency pair bounced off a support level at 1.2293 on Thursday. As a result, the US Dollar edged higher by 82 pips or 0.67% against the Canadian Dollar during Thursday's trading session.

Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.

If the breakout occurs, a surge towards the 1.2400 level during the following trading session.

However, if the channel pattern holds, bearish traders could drive the currency exchange rate lower today.

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