USD/CAD declines below 1.3000

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Source: Dukascopy Bank SA


On Tuesday morning, the support of the 50-hour simple moving average, the 1.3000 mark and the weekly simple pivot point at 1.2996 failed. Moreover, by 09:00 GMT, the pair had reached below the 100 and 200-hour SMAs near 1.2980.

An extension of the decline of the US Dollar compared to the Canadian Dollar could look for support in the weekly S1 simple pivot point at 1.2930. Further below, the last week's low levels at 1.2895/1.2905 are expected to act as support.

Meanwhile, a potential recovery would possibly face resistance in the mentioned technical levels that are spread out from 1.2980 up to 1.3015. Higher above, note the August high level zone at 1.3060/1.3075.
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