The USD/CAD currency pair found support at the 50– hour simple moving average at 1.2369 on Wednesday. As a result, the US Dollar surged by 43 pips or 0.35% against the Canadian Dollar during yesterday’s trading session.
Technical indicators suggest buying signals on the 4H and daily time-frame charts. Most likely, the exchange rate could continue to edge higher during the following trading session.
However, the bullish traders might encounter resistance at 1.2422 within the following trading session.
