The US Dollar made a brief upside movement against the Canadian Dollar during Tuesday’s trading session. However, the gains were limited by the monthly pivot point at 1.3277.
It seems that the exchange rate still has room to surge with the following trading session. Bulls might gather enough strength to push the currency pair past the monthly PP at 1.3277 today.
Although, if the resistance level formed by the monthly PP holds, bearish traders would likely take control of the market in the shorter term.