Upside risks have dominated the US Dollar against the Canadian Dollar since yesterday’s trading session. The currency pair has surged 158 points or 1.25% since Wednesday.
All things being equal, the exchange rate is likely to continue to trend bullish during the following trading session. The potential target for bulls would be near the 1.2950 area.
However, the weekly R2 at 1.2915 could provide resistance for the USD/CAD currency exchange rate in the short-term.
