The US Dollar surged by 72 basis points or 0.54% against the Canadian Dollar on Tuesday. The currency pair tested a resistance cluster formed by the weekly pivot point and the 200– hour SMA at 1.3330 on Wednesday morning.
As for the near future, the US/CAD exchange rate could continue to edge higher. Bullish traders are likely to target the weekly R1 at 1.3394 during the following trading session.
However, the 200– hour simple moving average could still provide resistance for the currency exchange rate in the shorter term.
