The US Dollar surged by 0.55% in value against the Canadian Dollar on Tuesday. The currency pair breached the 1.3010 area during yesterday’s trading session.
The exchange rate bounced off a support cluster formed by the 50– and 100– hour SMAs at 1.2984 during the European trading session on Wednesday.
By and large, the USD/CAD currency pair will most likely continue to edge higher within this session. The target could be at the 1.3040 marks.
However, the currency exchange rate has to surpass the weekly pivot point at 1.3010 before reaching the given target.
