USD/CAD finds resistance in moving average

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Source: Dukascopy Bank SA


The USD/CAD found resistance in the 100-hour simple moving average at mid-day on Thursday. The resistance was enough to push the rate to resume its sideways trading in the 1.2850/1.2900 range.

An extension of the ongoing decline would have to pass the 1.2850 level, before reaching the support of the 1.2820/1.2835 zone. The zone captures the late June and early July low levels.

However, a surge above the 1.2900 mark and the 100-hour simple moving average, prior to approaching the resistance of the 1.2950 level and the 200-hour simple moving average near 1.2970.
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