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Despite moving below the 1.3000 mark and technical levels below it, the USD/CAD started a recovery once it reached the 1.2975 level. The recovery eventually reached above the 1.3060/1.3075 zone and even confirmed it as support. During late Wednesday's trading, the support zone was still active and resistance was found in the 1.3140 level.
A move below the 1.3060/1.3075 range might look for support in the 50, 100 and 200-hour simple moving averages near 1.3050, 1.3025 and 1.3000. However, the SMAs have been mostly passed or ignored during this week. Meanwhile, the weekly simple pivot point at 1.2996 and the 1.3000 mark could act as support.
If the USD moves higher against the Canadian Dollar, the pair would have to reach above the 1.3140 level, prior to testing the 1.3150 level and the weekly R2 simple pivot point at 1.3164.
Wed, 31 Aug 2022 17:30:50 GMT
Source: Dukascopy Bank SA
Despite moving below the 1.3000 mark and technical levels below it, the USD/CAD started a recovery once it reached the 1.2975 level. The recovery eventually reached above the 1.3060/1.3075 zone and even confirmed it as support. During late Wednesday's trading, the support zone was still active and resistance was found in the 1.3140 level.
A move below the 1.3060/1.3075 range might look for support in the 50, 100 and 200-hour simple moving averages near 1.3050, 1.3025 and 1.3000. However, the SMAs have been mostly passed or ignored during this week. Meanwhile, the weekly simple pivot point at 1.2996 and the 1.3000 mark could act as support.
If the USD moves higher against the Canadian Dollar, the pair would have to reach above the 1.3140 level, prior to testing the 1.3150 level and the weekly R2 simple pivot point at 1.3164.