USD/CAD finds support in pivot point

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


The ongoing decline of the US Dollar against the Loonie has found support. Namely, the weekly S1 simple pivot point at 1.2519 has acted as support. By the middle of Thursday's trading hours, the rate had recovered to the 1.2580 level and reached above the 50 and 100-hour simple moving averages.

If the pair continues to recover, resistance might be encountered in the combination of the 200-hour simple moving average and the 1.2600 mark. Higher above, take into account the weekly simple pivot point at 1.2623.

On the other hand, a decline of the rate would have to pass the weekly S1 at 1.2519 and the 1.2500 mark, before reaching the late April low levels near 1.2460/1.2470.
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