USD/CAD breaks pattern

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


The USD/CAD currency pair has passed below the lower trend line of the channel up pattern, which guided the rate since December 31. On Friday, the rate confirmed the support line of the pattern as resistance. Meanwhile, support was being found in the 1.2708 level, which is three base points above the weekly simple pivot point at 1.2705.

A decline below the weekly simple pivot point at 1.2705 could result in a decline to the January 4 low level at 1.2667. Further below, note the December and January low levels at 1.2610/1.2620.

On the other hand, a surge of the US Dollar against the Canadian Dollar would need to pass the 50 and 200-hour simple moving averages near 1.2740, before aiming at the weekly R1 simple pivot point at 1.2789 and the 1.2800 mark.
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Fri, 07 Jan 2022 13:49:23 GMT

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