The US Dollar surged by 62 pips or 0.47% in value against the Canadian Dollar on Tuesday. The currency pair was guided by the 200– hour simple moving average during yesterday’s trading session.
Technical indicators show that the exchange rate will continue to edge higher within this session. The potential target for the USD/CAD pair in the short-term will be at the 1.3450 area.
On the contrast, given that the currency exchange rate is currently trading below the 100– hour SMA, bearish traders could target the weekly S1 at 1.3271 within this session.
