USD/CAD finds support at 1.2725

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/CAD currency exchange rate broke the channel up pattern, which captured the FOMC caused surge. The breaking of the pattern occurred due to a narrow resistance zone near the 1.2800 mark. The event was followed by a decline, which appeared to have ended by mid-Monday. Namely, the pair found support in the January 28 low levels and the 1.2725 mark.

If the currency exchange rate continues to recover, it would face the resistance of the 1.2800 mark and the previous week's high levels. Higher above, note the 1.2850 mark and the weekly R1 simple pivot point at 1.2862.

On the other hand, a decline would have to pass the 1.2725 mark, the 1.2713/1.2724 zone and the weekly simple pivot point at 1.2709 before looking for support in the 1.2700 level. Further below, there is no technical support as low as 1.2620, where the weekly S1 simple pivot point is located together with the 200-hour simple moving average.
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