USD/CAD finds support in 1.3500

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Source: Dukascopy Bank SA


The decline of the US Dollar against the Canadian Dollar eventually found support. The 1.3500 mark managed to hold and cause a recovery of the USD/CAD. By the middle of Wednesday's trading, the currency pair had reached the combined resistance of the 1.3600 level and the 50-hour simple moving average.

A move above the 1.3600 level is expected to encounter resistance in the 1.3650 level and the weekly S1 simple pivot point at 1.3647. Higher above, take into account the combination of the 100 and 200-hour simple moving averages at 1.3660.

However, a decline of the USD against the Loonie would once again look for support in the 1.3500 mark, before approaching the weekly S2 simple pivot point at 1.3463 and the 1.3450, 1.3400 levels.
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