USD/CAD declines below 1.2500

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Source: Dukascopy Bank SA


On Friday, the USD/CAD passed below the 1.2500 mark. Afterwards, the rate found support at 1.2465 and recovered. On Monday morning, the pair's recovery found resistance in the 1.2500 level, which continued to hold up to the middle of the day's European trading.

If the US Dollar resumes its decline against the Canadian Dollar, the currency exchange rate would have to pass the 1.2465 level, before approaching the 2022 low level at 1.2450. Below the this year's low, take into account the weekly S1 simple pivot point at 1.2428.

However, a breaking of the 1.2500 level's resistance could encounter resistance in the 50-hour simple moving average near 1.2520 and the weekly simple pivot point at 1.2526.
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