Upside risks dominated the US Dollar versus the Canadian Dollar on Monday. The currency pair appreciated by about 76 base points during the end of yesterday’s trading session.
A strong support cluster formed by the weekly PP and the 100-hour simple moving average was providing support for the exchange rate during the first half of Tuesday session.
Everything being equal, it is likely that the currency exchange rate continues its bullish momentum today and potentially target November swing high of 1.3329.
However, the monthly resistance level at 1.3291 could prevent the price from hitting the target within this session.
