USD/CAD passes support levels

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Source: Dukascopy Bank SA


On Tuesday, the Russian news agency Interfax revealed that a part of the Russian army would move away from the Ukrainian border. This event caused a decline of the USD, which broke the channel up pattern that guided the USD/CAD rate up during the increase of tensions last week. In addition, the rate passed all close by technical support levels and was heading for the 1.2700 mark.

If the USD/CAD passes below the 1.2700 mark, the rate could reach for the weekly S1 simple pivot point at 1.2666 and the 1.2670 level, which acted as support on Friday. Further below, the February low level zone at 1.2635/1.2660 might stop a decline.

On the other hand, a surge of the US Dollar against the Canadian Dollar would have to pass the weekly simple pivot point and the 200-hour simple moving average near 1.2710, before reaching the 50-hour simple moving average near 1.2730. Higher above, there is no technical resistance as high as the 1.2780/1.2797 zone of the February high levels.
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