USD/CAD approaches high level zone

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Source: Dukascopy Bank SA


The surge of the USD against the Canadian Dollar continues, as on Tuesday morning the USD/CAD rate reached above the 1.2800 mark. In the near term future, the rate was expected to test the resistance of the December high level zone at 1.2835/1.2853 and the weekly R1 simple pivot point at 1.2840.

If the USD/CAD pair reaches above the 1.2853 level, the rate might surge as high as the 1.2900 level. Namely, the round exchange rate might act as resistance. Above the 1.2900 mark, the 1.2950 level and the weekly R2 simple pivot point at 1.2959 could stop a potential surge.

In the meantime, a decline of the pair might look for support in the combination of the 50 and 200-hour simple moving averages near 1.2760 and 1.2740. Below the SMAs, note the weekly simple pivot point at 1.2723.
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