USD/CAD trades sideways after recovery

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Source: Dukascopy Bank SA


From a technical perspective, the 1.2718/1.2724 zone provided enough support for a surge up to the 1.2870 mark. The 1.2860/1.2870 zone acted as resistance and forced the pair into a retracement to 1.2813/1.2816. At mid-day on Friday, the pair had bounced off the combination of the 1.2813/1.2816 zone and the 200-hour simple moving average.

Note that the bounce off was consistent with the release of the US and Canadian monthly employment data. Namely, there were more new employed people in the US than expected and a lot less than forecast for Canada. Due to that reason the USD surged as the Canadian Dollar declined.

If the surge manages to break the resistance of the 1.2860/1.2870 zone, the rate might encounter resistance in the April and May high levels at 1.2880 and 1.2913. In addition, take into account the weekly R1 simple pivot point at 1.2927.

Meanwhile, a potential decline would once again look for support in the 1.2813/1.2816 zone, before approaching the weekly simple pivot point at 1.2806, the 1.2800 mark and the 50-hour simple moving average.
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