Forex: USD/CAD bullish momentum

Upside risks prevailed in the market on Wednesday, thus sending the US Dollar to surged by 0.70% against the Canadian Dollar. The currency pair dashed through a resistance cluster formed by the weekly and the monthly PPs at 1.3006 during the end of yesterday’s session.

Everything being equal, it is likely that the exchange rate continues it bullish momentum today. The potential target for the pair in the short-term could be at a swing high of 1.3072 within the following trading session.

However, the currency exchange rate could reverse from current price level and aim at a support level near the 1.30 mark within this session.