USD/CAD increases volatility

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Source: Dukascopy Bank SA


The USD/CAD currency exchange rate became highly volatile on Friday, as the release of the US and Canadian monthly employment data impacted the rate from both sides. In the aftermath of the high volatility, on Monday, the rate bounced off a resistance zone near 1.2840 and declined below the 1.2800 mark.

The decline of the rate could eventually find support in the 200-hour simple moving average and the weekly S1 simple pivot point near 1.2750. In addition, the 1.2750 mark might act as a support level on its own.

However, a potential recovery of the USD/CAD might find resistance in the zone at 1.2840. Meanwhile, take into account that the weekly simple pivot point at 1.2803 and the 50-hour simple moving average have been ignored.
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