USD/CAD ignores the 1.3500 mark

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


The decline that was described on August 20 continued on until the end of the month. The lowest level the pair reached was the 1.3450 level. This level provided enough support for the USD/CAD to break the resistance of the 1.3470/1.3510 zone and the range near 1.3600. However, the surge ended at the combination of the 50 and 200-day simple moving averages and the 1.3650 level.

In the second part of September, the rate bounced off the 1.3650 level and sharply declined. Eventually, the decline revealed a support zone at 1.3420/1.3450. Meanwhile, note that the rate ignored the 1.3500 mark as support and resistance. At the start of October, the rate was trading near the 1.3525 level.

A potential recovery of the US Dollar against the Canadian currency is set to face the combined resistance of the 50 and 200-day simple moving averages and the 1.3585/1.3615 zone. Higher above, the 1.3650, 1.3700 and 1.3750 levels have shown to be capable of impacting the rate.

On the other hand, a decline of the pair has to pass the 1.3420/1.3450 range, before approaching the low level range near 1.3200. However, it is clear that there must be more support between 1.3200 and 1.3400.
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