The US Dollar edged higher by 47 points or 0.36% against the Canadian Dollar on Monday. The currency pair breached the 100– and 200– hour SMAs during yesterday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge up during the following trading session. The potential target for bulls would be near the monthly pivot point at 1.3243.
On the other hand, the 50– hour simple moving average at 1.3188 could provide resistance for the currency exchange rate within this session.
