USD/CAD trades above 1.2850

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Source: Dukascopy Bank SA


At mid-day on Thursday, the USD/CAD reached above the 1.2850 level, which had acted as resistance since the middle of Wednesday.

A continuation of the surge of the US Dollar against the Canadian Dollar might encounter resistance in the weekly R2 simple pivot point at 1.2898 and the 1.2900 level. Higher above, the 1.2950, 1.3000 and 1.3050 levels could act as resistance, before the weekly R3 at 1.3071 is reached.

On the other hand, a potential decline of the USD/CAD would look for support in the 50-hour simple moving average and the weekly R1 simple pivot point at 1.2804. In addition, note that the 1.2850 mark might stop a decline.
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