USD/CAD declines below 1.2800

Source: Dukascopy Bank SA


At mid-day on Thursday, the USD/CAD currency pair declined below the 1.2800 level. The 1.2800 was acting as support to the currency pair, as it made attempts at passing the resistance of the 1.2855/1.2885.

If the rate declines, ti might look for support in the 1.2760 and 1.2780 levels, which acted as support during the early part of this week. Further below, note the 1.2750 level and the weekly S1 simple pivot point at 1.2747. In addition, the trend line, which connects late May low levels, crosses the 1.2750 mark.

On the other hand, a potential recovery of the US Dollar against the Canadian currency would have to pass the resistance of the 1.2800 mark, before once again making attempts at reaching above 1.2855/1.2885.
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