USD/CAD surges above 1.2700

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


On Wednesday at 19:00 GMT, the US Federal Reserve confirmed that it would end quantitative easing, gradually decrease its balance sheet and hike interest rates. The event resulted in a minor decline of the USD, which was followed by a sharp surge of the US currency.

On the USD/CAD charts, the event resulted in a surge above the 1.2700 mark, which stopped on Thursday morning at the 1.2728 level. Afterwards, the pair retraced down as low as the 1.2675 mark.

If the rate continues to decline, it could look for support in the 50-hour simple moving average and the weekly R1 simple pivot point near 1.2630. A move below this level might find support in the 200-hour SMA near 1.2560.

On the other hand, a potential surge might find resistance in the 1.2700 and 1.2730 level, before aiming at 1.2750 and the weekly R1 at 1.2770.
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Thu, 27 Jan 2022 11:50:28 GMT

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