Since Tuesday’s trading session, the US Dollar has surged by 127 pips or 0.92% against the Canadian Dollar. The exchange rate has breached the 50-, 100– hour SMAs during this period.
The currency pair is currently trading near a resistance cluster formed by the monthly pivot point and the 200– hour simple moving average at 1.4013.
If the resistance cluster holds, the USD/CAD pair could continue trending bearish within this session.
However, if the currency exchange rate breaks the cluster, the next target for bulls would be at the 1.4050 area.
