USD/CAD finds support in 1.2800

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Source: Dukascopy Bank SA


The decline from the 1.2900 level of the USD/CAD currency rate has reached the support of the 1.2800 mark. The 1.2800 level has been keeping the pair up since GMT midnight to March 10. In the meantime, resistance appeared to be provided by the 50-hour simple moving average near 1.2840.

If the currency pair reaches above the 50-hour simple moving average, the rate would once again test the resistance of the 1.2900 mark. Above the 1.2900 level, the weekly R2 simple pivot point at 1.2928 might act as resistance.

On the other hand, a decline of the US Dollar against the Canadian Dollar is set to be supported by the 1.2785/1.2800 zone. Below the support zone, the 1.2750 mark and the 200-hour simple moving average are highly likely going to provide support.
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