USD/CAD reaches below February low level

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Source: Dukascopy Bank SA


On Wednesday, the USD/CAD found resistance in the 200-hour simple moving average and began a decline, which passed various technical support levels and the February low level at 1.2640. During the morning hours of Thursday's trading, the pair shortly reached below the 1.2600 mark. Afterwards, the currency pair began a recovery, which tested resistance levels located from the 1.2640 level up to 1.2667, where the weekly S1 simple pivot point was located at.

A move above the weekly S1 simple pivot point at 1.2667 would almost immediately face the resistance of the 50-hour simple moving average near 1.2880. Further above, note the 1.2700 mark, the 200-hour simple moving average near 1.2730 and the 1.2750 level.

On the other hand, a potential decline would have to pass the 1.2600 mark, before approaching the support of the weekly S2 simple pivot point at the 1.2576 level.
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