USD/CAD faces strong resistance

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Source: Dukascopy Bank SA


The USD/CAD almost reached the 1.2650 mark on Tuesday, before starting a recovery. The recovery was stopped by the resistance of the 50-hour simple moving average near 1.2730. On Wednesday, the currency exchange rate was fluctuating in the 1.2675/1.2700 range.

In the case of a surge, the pair would face the resistance of the 1.2700 mark, the weekly simple pivot point at 1.2709, the 1.2715/1.2722 zone and the 50-hour simple moving average near 1.2700. A passing of these levels, most likely would result in the rate having no resistance as high as the 1.2800 mark.

On the other hand, a decline could look for support in the 200-hour simple moving average near 1.2665, before aiming at the weekly S1 simple pivot point at 1.2620.
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