The US Dollar appreciated by 80 pips against the Canadian Dollar on Wednesday. The currency pair was trading between the 100-hour SMA which is located below at 1.2854 and the 200-hour simple moving average at 1.2918.
As for the near future, it is likely that the exchange rate continues moving north towards the monthly resistance level at 1.2966 during the following trading session.
However, a resistance line formed by the 200-hour simple moving average at 1.2918 could hinder the bullish traders from pushing the USD/CAD currency exchange rate from hitting the target as mentioned above.
