On Monday, the US Dollar surged by 52 pips or 0.43% against the Canadian Dollar. The currency pair was propelled higher by the 50– hour simple moving average during yesterday’s trading session.
The exchange rate remained near the weekly pivot point at 1.2344 during the London session on Tuesday.
If the USD/CAD pair breaks the weekly PP at 1.2344, a surge towards the 1.2400 level could be expected in this session.
However, if the resistance level holds, the currency exchange rate might decline to the 1.2280 area today.
