USD/CAD approaches 1.2850 level

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


On Monday, the USD/CAD passed above the resistance zone near the 1.2800 mark. Moreover, the 1.2800 level was confirmed as support during the midnight hours to Tuesday. On Tuesday morning, the pair reached above the weekly R1 simple pivot point at 1.2822. Next target for the USD against the Canadian Dollar was the 1.2850 mark.

A move above the 1.2850 level could test the resistance of the February high level at 1.2880. Higher above, the 1.2900 level and the weekly R2 simple pivot point at 1.2928 might stop the USD/CAD.

Meanwhile, a potential decline of the rate would look for support in the weekly R1 simple pivot point at 1.2820 and the 1.2800 mark, before reaching the 50-hour simple moving average near 1.2760 and the 1.2750 level.
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