USD/CAD declines after booking new high

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


On Friday, as the USD/CAD rate pierced the 1.2530/1.2535 zone, a surge was expected. However, the pair bounced off the 1.2540 mark and started a decline. By the middle of Monday's European trading hours, the decline had passed below the 50 and 200-hour simple moving averages, the weekly simple pivot point at 1.2517 and the trend line, which connects the last week's low levels.

If the rate continues to decline, it might look for support in the March low levels and the previous 2022 low level. These levels are located at 1.2467, 1.2450 and 1.2430.

However, a recovery of the US Dollar against the Canadian Dollar would face the previously passed technical levels in the 1.2505/1.2515 zone, prior to approaching the high levels at 1.2530/1.2540.
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