USD/CAD approaches 1.2800 mark

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Source: Dukascopy Bank SA


On Monday morning, the USD/CAD spiked, as the rate was approaching the resistance zone at 1.2787/1.2800. In addition, the resistance zone was strengthened by the weekly R1 simple pivot point at 1.2787.

A move above the resistance zone might find resistance in the weekly R2 simple pivot point at 1.2833, before the rate reaches the 1.2850 mark.

On the other hand, a potential decline of the USD/CAD might find support in the 1.2714/1.2727 zone, the weekly simple pivot point at 1.2712 and the 50-hour simple moving average.
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