The US Dollar surged by 101 pips or 0.79% against the Canadian Dollar on Monday. The currency pair breached the 50– and 100– hour SMAs during Monday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher during the following trading hours. The possible target for bullish traders would be near the 1.2950 area.
However, the weekly R1 at 1.2873 could provide resistance for the currency exchange rate within this session.
