The US Dollar has surged by 161 pips or 1.30% against the Canadian Dollar since Thursday’s trading session. The currency pair tested the 200– hour simple moving average at 1.2616 on Friday morning.
The exchange rate is likely to continue to edge higher during the following trading session. A breakout through the upper boundary of a descending channel pattern could occur.
However, a resistance level formed by the 200– hour SMA at 1.2624 could provide resistance for the currency exchange rate today.
