The US Dollar edged higher by 56 points or 0.38% against the Canadian Dollar on Tuesday. The currency pair breached the weekly R1 at 1.3189 during Tuesday’s trading session.
All things being equal, the exchange rate is likely to continue to surge during the following trading session. The potential target for bulls would be near the monthly pivot point at 1.3243.
However, a resistance level at 1.3220 could provide resistance for the currency exchange rate in the shorter term.