USD/CAD books new 2022 low level

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


The USD/CAD passed previous March low level and hit the 1.2404 level, before recovering. It appeared that there were enough buy orders just above the 1.2400 mark to cause the recovery.

In the aftermath of the touching of the low level, the pair sharply recovered until the pair encountered resistance at 1.2500/1.2510 at mid-day on Wednesday. Meanwhile, support appeared to be provided by the 50-hour simple moving average near 1.2480.

If the pair passes above the 1.2500/1.2510 level, the rate might encounter resistance in the weekly simple pivot point at 1.2517. Higher above, note the late March high level zone at 1.2530/1.2540.

On the other hand, a decline of the US Dollar against the Canadian currency would have to pass below the 50-hour simple moving average, before approaching the weekly S1 simple pivot point at 1.2441 and the 1.2400 mark.
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