The USD/CAD currency pair bounced off a support level formed by the 50– hour simple moving average on Tuesday. As a result, the Greenback surged by 115 pips or 0.83% against the Canadian Dollar during yesterday’s trading session.
As for the near future, the exchange rate could continue to surge during the following trading session. A possible breakout through the upper boundary of a descending channel pattern could occur.
However, the weekly resistance level at 1.4094 could provide resistance for the currency exchange rate in the shorter term.
