USD/CAD reaches above 1.2800

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Source: Dukascopy Bank SA


The USD/CAD managed to pass the resistance of the 1.2800 mark and the zone at 1.2780/1.2800 on Monday. By the middle of Tuesday's European trading, the currency rate had reached above the 1.2850 mark, and was set to aim at the 1.2900 level.

However, the pair might find resistance at the weekly R1 simple pivot point at 1.2876 and decline. A potential decline is expected to look for support at 1.2850 and 1.2825, before the pair reaches the strong support zone at 1.2780/1.2800.

Meanwhile, a surge above 1.2876 and 1.2900 levels is expected to face resistance at 1.2950 and 1.3000. In addition, note the weekly R2 simple pivot point at 1.2997.
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