USD/CAD trades below 1.2700

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Source: Dukascopy Bank SA


This week, the USD/CAD passed below the trend line, which connects the February low levels. Moreover, the 1.2700 mark did not act as support, as it was passed and confirmed as a resistance level. On Tuesday morning, the rate passed below the support of the weekly S1 simple pivot point at 1.2667.

If the US Dollar continues to decline against the Canadian Dollar, the rate might look for support in the February low level at 1.2640. Further below, the 1.2600 mark might stop a decline, before the rate reaches the weekly S2 simple pivot point at 1.2576.

On the other hand, a recovery of the pair could encounter resistance in the 1.2700 mark, before approaching the 50 and 200-hour simple moving averages near 1.2730 and 1.2740.
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