USD/CAD remains in 2023 range

Source: Dukascopy Bank SA


In general, the USD/CAD found support in the 2023 low level and started a surge. From August up to late October, the pair surged and shortly booked a new 2023 high level. However, the event was followed by a decline.

Most recently, the pair passed below the combined support of the 1.3600 mark and the lower trend line of the channel up pattern that captured the prior major surge. Due to this reason it is possible that the USD/CAD declines to the 1.3500 mark, which is strengthened by the 200-day simple moving average. Below these levels, note the 1.3400 that has acted as support in September. Further below, the 2023 low level could stop another major decline at 1.3120. Although, that is likely to occur in early 2024.

On the other hand, a recovery of the US Dollar due to the loss of the current momentum that might be caused by a change in monetary policy or new inflation data would face the 50-day simple moving average. This level has acted as support and resistance throughout the second half of 2023. Above the 50-day SMA note the 1.3750, 1.3800 levels and the 2023 high level zone at 1.3860/1.3900.
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