USD/CAD declines in narrow pattern

Source: Dukascopy Bank SA


Since May 26, the USD/CAD currency pair has been declining in a narrow channel down pattern, which has led the rate below the 1.2700 mark. During the middle of Monday's trading hours, the pair was heading to the weekly S1 simple pivot point at 1.2663.

A move below the weekly S1 simple pivot point and look for support in the 1.2640 and 1.2620 levels, before approaching the weekly S2 simple pivot point at 1.2607 and the 1.2600 mark. Meanwhile, take into account that the lower trend line of the channel down pattern is likely going to slow down the pair's decline.

However, a surge of the pair could encounter resistance in the 1.2700 level and the upper trend line of the channel down pattern. Higher above, note the 50-hour simple moving average near 1.2750.
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On Monday morning, the EUR/USD currency pair reached above the 1.0750 mark. Moreover, a resistance zone was marked at 1.0747/1.0765. At mid-day, the currency exchange rate appeared to be finding support in the previous resistance zone. If the Euro resumes its surge against the US Dollar, the rate is expected to encounter resistance in the 1.0800 level and the weekly

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GBP/JPY tests resistance zone

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