The US Dollar surged by 63 pips or 0.50% against the Canadian Dollar on Tuesday. The 50– hour simple moving average provided support for the currency pair during Tuesday’s trading session.
Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, the exchange rate could continue to trend higher during the following trading session.
However, buyers are likely to encounter a resistance level at the 1.2600 area within the following trading session.
