USD/CAD remains near support zone

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


Despite passing above the resistance of the 50-hour simple moving average, the USD/CAD currency exchange rate did not surge. Instead, the pair returned to trade at the support zone of 1.2565/1.2575. Meanwhile, on Wednesday it was spotted that the 50-hour SMA appeared to be once again acting as resistance.

A decline of the US Dollar against the Canadian Dollar should pass the 1.2565/1.2575 zone, prior to approaching the 1.2550 mark. Further below, note the weekly S1 simple pivot point at 1.2507 and the 1.2500 level.

Meanwhile, a passing above the 50-hour simple moving average near 1.2590 is expected to encounter resistance in the 1.2620 and 1.2640 levels, which acted as resistance during this and the previous week.
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Wed, 23 Mar 2022 13:07:23 GMT

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