On Tuesday, the US Dollar surged by 67 pips or 0.54% against the Canadian Dollar. The currency pair breached the 50– hour simple moving average during Tuesday’s trading session.
Given that the support level of 1.2580 holds, bullish traders may pressure the exchange rate higher during Wednesday’s trading session. The potential target for buyers would be near the 1.2701 area.
However, the 200– hour SMA at 1.2665 could provide resistance for the USD/CAD currency exchange rate within this session.
