The US Dollar jumped by approximately 100 basis points or 0.78% against the Canadian Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.
As for the near future, the exchange rate could continue to trend bullish. Bulls are likely to target the weekly resistance level at 1.2833 during the following trading session.
However, a resistance line at 1.2785 could provide a barrier for bullish traders in the shorter term.
