USD/CAD decline reaches new low level

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


Comments made by the head of the Federal Reserve Jerome Powell on Wednesday have caused a decline of the currency exchange rate. By the middle of Thursday's trading, the currency pair had reached the 1.2650 mark.

If the US Dollar continues to lose value in comparison with the Canadian Dollar, the pair might look for support in the February low level at 1.2640, then the 1.2600 mark and afterwards the March low level at 1.2588.

Meanwhile, a recovery of the USD/CAD due to being oversold might encounter resistance in the 1.2685/1.2700 zone. Higher above, take into account the 50-hour SMA near 1.2740 and the 1.2750 mark.
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