USD/CAD respects pivot points

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Source: Dukascopy Bank SA


On Wednesday, the USD/CAD found support in the weekly S3 simple pivot point at 1.2611. Meanwhile, resistance was provided by the weekly S2 simple pivot point at 1.2662. On Thursday morning, the rate passed the resistance of the weekly S2 simple pivot point and the 50-hour simple moving average.

If the pair continues to surge, it would most likely reach the resistance of the November 28 and December 1 low levels at 1.2713/1.2730. Above the zone, note the resistance of the weekly S1 simple pivot point and the 200-hour simple moving average at 1.2752.

However, a decline of the currency exchange rate might look for support in the weekly S2 at 1.2662 and the 50-hour SMA near 1.2650. Below these levels, the weekly S3 at 1.2611 could stop a decline.
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Thu, 09 Dec 2021 11:59:46 GMT

EUR/USD declines after surging

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