The US Dollar surged by 58 basis points or 0.44% against the Canadian Dollar on Friday. The currency pair tested the 100– hour simple moving average at 1.3263 during Friday’s trading session.
As for the near future, the USD/CAD exchange rate will most likely continue to edge higher. The potential target for bullish traders will be at the 1.3320 level.
However, a resistance cluster formed by the 200– period SMA and the weekly pivot point at 1.3293 could provide resistance for the currency exchange rate during the following trading session.
