Upside risks dominated the USD/CAD currency pair on Wednesday. As a result, the US Dollar edged higher by 99 pips or 0.78% against the Canadian Dollar during Wednesday’s trading session.
As for the near future, the exchange rate could continue to trend higher. Bullish traders are likely to target the resistance level at 1.2850 during Thursday’s trading session.
However, the currency exchange rate might make a brief pullback towards the 50– hour simple moving average at 1.2683 within this session.