USD/CAD passes support levels

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


The USD/CAD has recently passed both the support of the zone at 1.2596/1.2622 and the weekly S1 simple pivot point at 1.2581. On Wednesday morning, the rate retraced back up to the weekly S1 and the 1.2580 mark to find resistance.

If the US Dollar continues to lose value against the Canadian Dollar, the currency exchange rate would aim at the weekly S2 simple pivot point at 1.2515. Below the pivot point, the 1.2500 mark might act as support.

On the other hand, a recovery of the USD against CAD would face resistance in the form of the weekly S1 simple pivot point at 1.2581 and the 1.2580 mark. Above these levels, the 1.2596/1.2622 zone might act as resistance. In addition, the 50-hour simple moving average was approaching the zone.
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