USD/CAD finds support in trend line

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


On Monday, the USD/CAD currency pair found support in the trend line, which connects the low levels of May 17, 19 and 20. On Tuesday, the currency pair was fluctuating between the support of the 1.2780 level and resistance at 1.2810.

In the case of the USD surging against the Canadian Dollar, the pair would have to pass the 1.2810 level and the 100-hour simple moving average. Higher above, note the trend line, which connects the May 18 and 20 high levels.

On the other hand, a decline of the pair might once again find support in the low level trend line, before reaching the weekly S1 simple pivot point at 1.2747 and the 1.2750 mark.
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Tue, 24 May 2022 10:09:34 GMT

EUR/USD encounters resistance in pivot point

The surge of the Euro, which was caused by the ECB, continued on into Tuesday's trading. During the early hours of the day, the EUR/USD reached the resistance of the weekly R2 simple pivot point at 1.0737. A move above the pivot point would highly likely encounter resistance in the 1.0750 and 1.0800 levels, before reaching the upper trend line

Tue, 24 May 2022 09:24:48 GMT

GBP/JPY drops due to UK PMIs

On Tuesday morning, the GBP/JPY currency exchange rate plummeted, as the Pound dropped due to a lot lower Purchasing Managers Index survey results. Namely, the UK Services PMI came in at 51.8, compared to the forecast of 56.9. By 09:30 GMT, it appeared that the decline had found support in the 159.00 level. If the pair declines, support could be found

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