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At mid-day on Tuesday, the USD/CAD currency pair plummeted due to the released high inflation data. However, by the end of the day the rate had returned to trade near 1.2650. On Wednesday morning, the pair retraced to the support of the 1.2610/1.2620 zone.
In the near term future, a potential surge would have to pass the resistance of the 1.2650 and 1.2660 levels and the weekly R1 simple pivot point at 1.2654. Higher above, the 1.2700 mark might act as resistance.
However, a decline is expected to find support in the 50-hour simple moving average near 1.2630, the 1.2610/1.2620 zone, the lower trend line of an ascending channel pattern near 1.2620 and the 100-hour simple moving average.
Wed, 13 Apr 2022 08:53:19 GMT
Source: Dukascopy Bank SA
At mid-day on Tuesday, the USD/CAD currency pair plummeted due to the released high inflation data. However, by the end of the day the rate had returned to trade near 1.2650. On Wednesday morning, the pair retraced to the support of the 1.2610/1.2620 zone.
In the near term future, a potential surge would have to pass the resistance of the 1.2650 and 1.2660 levels and the weekly R1 simple pivot point at 1.2654. Higher above, the 1.2700 mark might act as resistance.
However, a decline is expected to find support in the 50-hour simple moving average near 1.2630, the 1.2610/1.2620 zone, the lower trend line of an ascending channel pattern near 1.2620 and the 100-hour simple moving average.