The US Dollar surged by 33 pips or 0.26% against the Canadian Dollar on Thursday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
Everything being equal, the USD/CAD exchange rate is likely to continue to edge higher. Bullish traders might target the 1.3060 level within the following trading session.
However, a resistance cluster formed by the 100– hour SMA and the weekly S1 at 1.3038 could provide barriers for the currency exchange rate during the following trading session.