USD/CAD tests resistance zone

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Source: Dukascopy Bank SA


Since late Wednesday's trading session, the USD/CAD currency exchange rate has been testing the resistance of the 1.2830/1.2837 zone. Meanwhile, support was being provided by the 50-hour simple moving average and the zone that is located at the 1.2800 mark.

In a scenario where the rate passes the resistance zone of 1.2830/1.2837, the pair could immediately find resistance in the weekly R1 simple pivot point at 1.2847 and the 1.2850 level. Above these levels, the most close by known resistance was the weekly R2 simple pivot point at 1.2909 and the 1.2900 mark.

Another scenario would have the rate decline below the 1.2800 mark and the 50-hour simple moving average. A potential decline of the pair is most likely going to look for support in the lower trend line of the November channel up pattern.
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