The US Dollar has surged by 94 pips or 0.70% against the Canadian Dollar since last week Thursday. The currency pair traded near the 100– and 200– hour SMAs during Friday’s trading session.
As for the near future, the exchange rate could continue to edge higher. The potential target for the USD/CAD pair would be at the weekly resistance level at the 1.3649 area.
However, if the currency exchange rate breaks the 100– and 200– hour simple moving averages, a decline towards the 1.3540 level could be expected during the following trading session.
