The US Dollar rose by 59 pips or 0.47% against the Canadian Dollar on Monday. The surge was stopped by the 50– hour simple moving average during yesterday’s trading session.
The exchange rate breached the 50– hour SMA at 1.2490 during the Asian session on Tuesday. Most likely, the USD/CAD pair could continue to edge higher within this session.
A potential reversal could occur from a resistance level formed by the weekly pivot point at 1.2545 during the following trading session.
