The US Dollar surged by 59 pips or 0.46% against the Canadian Dollar on Friday. The surge was stopped by the 50– and 100– hour simple moving averages during Friday’s trading session.
All things being equal, the currency pair could continue to edge higher within this session. Bullish traders might target the upper line of a descending channel pattern at 1.2821 today.
However, a resistance cluster formed by the 50– hour SMA and the weekly pivot point at 1.2768 could provide a barrier for bulls during the following trading session.
