USD/CAD approaches 1.2950

Source: Dukascopy Bank SA


During the second part of Tuesday's trading, the surge of the US Dollar against the Canadian Dollar had continued, as the rate was approaching the resistance of the 1.2950 mark.

A move above the 1.2950 mark could encounter resistance in the combination of the 1.3000 mark and the weekly R2 simple pivot point at 1.2996. Higher above, note the 1.3050 and 1.3100 round exchange rate levels. The USD/CAD pair encounters both support and resistance in round levels.

Meanwhile, a potential consolidation is set to look for support in the 1.2900 level and weekly R1 simple pivot point at 1.2885. In addition, note the approaching 50-hour simple moving average and the 1.2850 level.
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