USD/CAD tests resistance at 1.2835

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Source: Dukascopy Bank SA


Since December 23, the USD/CAD has been testing the lower borders of the 1.2835/1.2855 zone. The zone has been acting as both resistance and support throughout December. Future scenarios were based upon whether or not the zone keeps the USD down against the Canadian Dollar.

A move above the 1.2855 level could immediately find resistance in the 200-hour simple moving average near 1.2860 and the weekly simple pivot point at 1.2861. Above these technical levels, there is no technical resistance as high as the weekly R1 simple pivot point at 1.2935.

However, a decline might find support in the 50-hour simple moving average near 1.2820. Below the moving average, the mid-December low levels at 1.2765 could provide support. In addition, take into account the weekly S1 simple pivot point at 1.2758.
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