The US Dollar surged by 75 pips or 0.58% against the Canadian Dollar on Monday. The currency pair tested the 50– hour simple moving average at 1.3009 during yesterday’s trading session.
The exchange rate is currently trading near a resistance level formed by the 50– hour SMA at 1.3009.
If the resistance line holds, bears could continue to control the market within this session.
However, if the currency exchange rate breaks the 50– hour moving average, a surge towards the 1.3100 level could be expected during the following session.
