USD/CAD retreats on Friday

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


On Thursday, the USD/CAD passed above the February high level zone at 1.2785/1.2797. However, at 15:00 GMT, the pair bounces off the resistance of the 1.2880 mark and started a decline. By the start of Friday's US trading hours, the currency pair's decline had reached below the 1.2785 level and the 50-hour simple moving average.

Next target for the rate's decline was the 200-hour simple moving average and the weekly simple pivot point near the 1.2735 level. Further below, the 1.2700 mark and the lower trend line, which connects the February low levels, might act as support.

On the other hand, a recovery of the pair would face the resistance of the previously broken 1.2785/1.2797 zone. Higher above, the weekly R1 simple pivot point might act as resistance at 1.2807, before the rate reaches the high level at 1.2880.
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