Upside risks dominated the US Dollar against the Canadian Dollar on Thursday. As a result, the exchange rate surged by 97 pips or 0.79% during Thursday’s trading session.
Everything being equal, the currency pair is likely to continue to edge higher during the following trading session. The possible target for buyers would be near the 1.2550 area.
On the other hand, the currency exchange rate might reverse from the current price level at 1.2377 and target the 50– hour simple moving average at 1.2165 within this session.