USD/CAD reaches resistance zone

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Source: Dukascopy Bank SA


The recovery of the US Dollar against the Canadian Dollar has reached a resistance zone. Namely, the previous low level zone at 1.2713/1.2730 kept the pair down from Thursday evening up to the middle of Friday.

A move above the resistance zone would most likely find resistance in the 200-hour SMA and the weekly S1 simple pivot point near 1.2750. Above the 1.2750 level, the weekly simple pivot point at 1.2803 might stop a recovery of the USD against the CAD.

However, a move down could look for support in the 50-hour SMA near 1.2675. Below the SMA, note the weekly S2 and S3 simple pivot points at 1.2662 and 1.2611.
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