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The USD/CAD currency exchange rate's decline reached below the 2022 low level at 1.2450. However, support was almost immediately found in the 1.2430 level. Afterwards, a sharp recovery occurred, which lost momentum at the 1.2500 mark. On Thursday morning, the pair passed the resistance of the 1.2500 level. By 10:00 GMT, the pair was approaching the 200-hour simple moving average near 1.2540.
If the US Dollar reaches above the 1.2540 level against the Canadian Dollar, the currency exchange rate would have no technical resistance as high as the weekly R1 simple pivot point at 1.2587.
On the other hand, a decline of the pair might look for support in the 1.2495/1.2505 zone and the 50-hour simple moving average, before approaching the March low level at 1.2467.
Thu, 31 Mar 2022 09:38:12 GMT
Source: Dukascopy Bank SA
The USD/CAD currency exchange rate's decline reached below the 2022 low level at 1.2450. However, support was almost immediately found in the 1.2430 level. Afterwards, a sharp recovery occurred, which lost momentum at the 1.2500 mark. On Thursday morning, the pair passed the resistance of the 1.2500 level. By 10:00 GMT, the pair was approaching the 200-hour simple moving average near 1.2540.
If the US Dollar reaches above the 1.2540 level against the Canadian Dollar, the currency exchange rate would have no technical resistance as high as the weekly R1 simple pivot point at 1.2587.
On the other hand, a decline of the pair might look for support in the 1.2495/1.2505 zone and the 50-hour simple moving average, before approaching the March low level at 1.2467.