USD/CAD looks for support at 1.2560

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


On Wednesday morning, the USD/CAD declined below the 1.2600 and 1.2580 level support. Moreover, by the middle of the day, the support of the 1.2560 was being pierced.

Next support could be found in the 1.2540 mark and the weekly S1 simple pivot point at 1.2527. A move below 1.2540 and 1.2527 levels might eventually each the 1.2500 mark. Further below, there appears to be no technical support as low as the weekly S2 simple pivot point at 1.2446.

On the other hand, a recovery of the US Dollar against the Canadian Dollar would most likely face resistance in the 1.2560/1.2570 zone, before approaching the 1.2600 mark. The 1.2600 level's resistance is being strengthened by the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages.
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