USD/CAD aims at 1.2800

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Source: Dukascopy Bank SA


The surge of the USD against the Canadian Dollar continues. The fuel for the surge is provided by the fact that the US Fed revealed that it would hike interest rates and reduce its balance sheet. Meanwhile, the Canadian monetary policy remains unchanged.

On Friday, the currency exchange rate was already approaching the 1.2800 mark. In addition, take into account that it was recently discovered that the surge is ongoing in an ascending channel pattern.

If the currency pair passes above the 1.2800 mark, there is no technical resistance standing in the way of the fundamental move. The pair could stop at the 1.2850 or 1.2900 levels. On the other hand, a potential decline, could look for support in the weekly R3 simple pivot point at 1.2770.

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