The US Dollar edged higher by 62 pips or 0.51% against the Canadian Dollar on Wednesday. The currency pair breached the 50– and 200– hour SMAs during yesterday's trading session.
All things being equal, the exchange rate is likely to continue to surge during the following trading session. The USD/CAD pair could break the weekly resistance level at 1.2134.
However, if the resistance line holds, a decline towards the weekly pivot point at 1.2070 within this session.
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