The USD/CAD currency pair bounced off a support level formed by the 200– hour simple moving average at 1.2622 on Tuesday. As a result, the US Dollar surged by 88 pips or 0.70% against the Canadian Dollar.
As for Wednesday's trading session, the exchange rate could continue to trend higher. Bullish traders might target the 1.2760 level during the following trading session.
However, the currency exchange rate could encounter resistance at 1.2728 within the following trading session.
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