USD/CAD breaks pattern

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


On Thursday, the USD/CAD currency exchange rate dropped below the lower trend line of the channel down pattern, which has guided the pair since March 17. However, the decline stopped at the 1.2510 mark, before the pair retraced to the 1.2550 level.

Since Thursday afternoon, the pair has been fluctuating in the 1.2520/1.2550 range. Meanwhile, the 50-hour simple moving average was approaching the rate from above.

If the USD/CAD pair passes below the 1.2520 level, the 1.2510 and 1.2510 levels might act as support. In addition, take into account the weekly S1 simple pivot point at 1.2507.

However, a surge of the pair would most likely encounter resistance in the 50-hour simple moving average near 1.2550, before approaching the trend line, which connects recent high levels.
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