USD/CAD bounces off resistance zone

Source: Dukascopy Bank SA


At mid-day on Monday, the USD/CAD pair bounced off the 1.3060/1.3075 zone that captures the August high levels of the rate. By 13:00 GMT, the rate was heading down to the 1.3000 level, which was being strengthened by the weekly simple pivot point at 1.2996. In addition, the 50, 100 and 200-hour simple moving averages were approaching the round exchange rate level from below.

A decline below 1.3000 is highly likely set to result in a move to the 1.2950 level and the weekly S1 simple pivot point at 1.2930. Further below, take into account the 1.2895/1.2905 zone.

On the other hand, a recovery of the US Dollar against the Canadian Dollar would have to pass the 1.3060/1.3075 zone, prior to testing the combined resistance of the 1.3100 mark and the weekly R1 simple pivot point at 1.3098.
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