USD/CAD recovery aims at 1.2600

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


The US Federal Reserve Meeting Minutes on Wednesday at 18:00 GMT boosted the recovery of the US Dollar against the Canadian currency. By the middle of Thursday's European trading hours, the rate had bounced off the 1.2570 mark and confirmed the 1.2540 level as support.

In general, the surge was expected to continue. Next target for the surge would be the March 28 spike high level at 1.2594 and the 1.2600 mark. In addition, note the weekly R1 simple pivot point at 1.2604. Higher above, it could be possible that the pair finds resistance in the February low level at 1.2640 and a trend line, which connects the Tuesday and Wednesday high levels.

On the other hand, a decline is expected to look for support in the 1.2530/1.2540 zone and the trend line, which connects the recent low levels of the trend line. Further below, note the weekly simple pivot point at 1.2517 and the zone at 1.2500/1.2510. In addition, the zone is being crossed by the 50 and 200-hour simple moving averages.
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