USD/CAD bounces off 1.2900

Source: Dukascopy Bank SA


During late Wednesday's trading hours, the USD/CAD pair bounced off the 1.2900 level and the resistance of the 100-hour simple moving average. By the start of Thursday's European trading hours, the rate had declined below the 1.2850 mark and the technical levels, which surround it.

If the pair continues to decline,it is set to look for support in the 1.2800 level and the support zone, which surrounds it. Further below, the pair could find support in the weekly S2 simple pivot point at 1.2781 and the 1.2750 mark, before reaching the May low levels at 1.2713/1.2723.

However, a recovery of the US Dollar against the Canadian Dollar would face the resistance of the 100-hour simple moving average and the 1.2897/1.2922 zone. Higher above, note the 200-hour simple moving average, the 1.2950 mark and the weekly simple pivot point at 1.2959.
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