USD/CAD finds resistance at 1.2900

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


During the second half of Tuesday's trading, the USD/CAD currency exchange rate reached the 1.2900 mark. On Wednesday morning, the currency pair bounced off the round exchange rate level. By the middle of the day's trading, the USD/CAD had reached the support of the weekly R1 simple pivot point and the 50-hour simple moving average near 1.2820.

If the pair passes below the 1.2820 level, the rate might look for support in the 1.2800 mark and the support zone below it. Further below, the 1.2750 level and the 200-hour simple moving average could stop a decline.

On the other hand, a recovery of the US Dollar against the Canadian currency is highly likely going to once again test the resistance of the 1.2900 level, before approaching the weekly R2 simple pivot point at 1.2928.
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Wed, 09 Mar 2022 12:09:58 GMT

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