The USD/CAD exchange rate bounced off the weekly pivot point at 1.2130 on Tuesday. As a result, the US Dollar surged by 75 pips or 0.62% against the Canadian Dollar during Tuesday’s trading session.
Given that the currency pair has rebounded from the support level at the 1.2130 area, long traders are likely to pressure the price higher during the following trading session.
However, a resistance level formed by the weekly resistance line at 1.2204 could provide a barrier for buyers within this session.
