USD/CAD returns back below 1.2800

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


The USD/CAD surge on Tuesday ended at the 1.2860 level. Afterwards, a sharp decline started, which by the middle of Wednesday had almost reached the 1.2700 mark. During the decline, the pair shortly paused at the support levels near 1.2780.

If the decline of the USD/CAD passes below the 1.2685/1.2700 zone, the rate might look for support in the weekly S1 simple pivot point and the zone at 1.2650/1.2661.

On the other hand, a recovery might encounter resistance at 1.2780/1.2800, where the weekly simple pivot point and the 50 and 200-hour simple moving averages are located at.

However, take into account that at 18:00 GMT the US Federal Reserve will make a rate announcement and monetary policy summary. All technical indicators will be obsolete, as the markets take in the new fundamental information about the base cost and creation schemes of the US Dollar.
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