The US Dollar surged by 66 pips or 0.53% against the Canadian Dollar on Friday. The currency pair was pressured by the 50– hour simple moving average during Friday’s trading session.
Everything being equal, the USD/CAD exchange rate could continue to edge higher during the following trading session. The potential target for buyers will be near the weekly R1 at 1.2573.
However, the 200– hour simple moving average at 1.2508 could provide resistance for the currency exchange rate today.