USD/CAD faces resistance zone

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since March 2023, the USD/CAD has been declining in a channel down pattern. The channel can be attributed to the fact that the US Federal Reserve paused its monetary tightening, as the Bank of Canada continued to battle inflation with rate hikes.

Most recently, the pair bounced off the lower trend line of the channel pattern and recovered to find resistance in the late 2022 and early 2023 low level zone at 1.3230/1.3320. The previous support zone has turned into resistance.

A USD/CAD move above 1.3320 could encounter resistance in the 50-day simple moving average near 1.3380 and the 1.3400 mark. Higher above, similar resistance is provided by the 1.3500 level and the 200-day simple moving average. In addition, note the descending upper trend line of the channel pattern.

In the case of a bounce off from the resistance zone, watch the 2023 low level at 1.3120 and the 1.3100 mark. Below these levels, the lower trend line of the channel might once again cause a short term reversal.
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