USD/CAD recovers after Fed hike

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


The USD/CAD reacted to the Fed Press conference with a decline down to the 1.2862 level. At midnight to Thursday, the level was approached by the support of the 100-hour simple moving average. The SMA was enough to cause a recovery. By the middle of the day's Euroepan trading hours, the pair had recovered to the 1.2950 mark.

If the rate reaches above the 1.2950 level, the weekly R2 simple pivot point might act as resistance at 1.2996. The pivot point acted as resistance to the Federal Reserve caused volatility on Wednesday. In addition, note that the 1.3000 and 1.3050 levels could stop a potential surge.

On the other hand, a decline of the US Dollar against the Canadian currency might look for support first in the combination of the 1.2900 level, the weekly R1 simple pivot point at 1.2885 and the 100-hour simple moving average. Afterwards, the 1.2850, 1.2800 and 1.2750 levels could act as support. However, there is no technical support as low as 1.2730 where the 200-hour simple moving average is located at.
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