USD/CAD recovery finds resistance

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


On Friday, the USD/CAD currency exchange rate found support in the 1.2700 mark and started a surge. The following recovery eventually found resistance at the 1.2785/1.2800 zone. Meanwhile, the pair ignored the 50 and 200-hour simple moving averages and the weekly simple pivot point at 1.2750, 1.2765 and 1.2781.

If the USD continues to decline against the Canadian Dollar, the pair might look for support once again in the 1.2700 mark. A move below the round exchange rate level is expected to probably pause at the weekly S1 simple pivot point at 1.2661 and the 1.2650/1.2660 zone, before reaching the February low level at 1.2640.

On the other hand, a surge of the pair would have to pass the 1.2785/1.2800 mark, before reaching 1.2850 and 1.2875 levels.
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