The US Dollar surged by 79 basis points or 0.60% against the Canadian Dollar on Wednesday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
Everything being equal, the exchange rate will most likely continue to surge within the following trading session. The potential target for the USD/CAD pair would be at the 1.3300 level.
However, the 200-period simple moving average at 1.3249 could provide resistance for the currency exchange rate in the shorter term.
