The US Dollar surged by 46 pips or 0.35% against the Canadian Dollar on Tuesday. The currency pair breached the 50– hour simple moving average at 1.3126 during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for USD/CAD pair would be at the 1.3200 level.
However, a resistance line formed by the 100– hour SMA at 1.3156 could provide resistance for the currency exchange rate within this session
