USD/CAD extends decline

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


The US Dollar has continued to decline against the Canadian Dollar. However, the pair has not plummeted by a lot, as the 1.2850 level is still acting as support. Meanwhile, resistance is provided by the weekly S1 simple pivot point at 1.2898 and the 1.2900 mark.

An extension of the ongoing decline would have to pass the 1.2850 level, before reaching the support of the 1.2820/1.2835 zone. The zone captures the late June and early July low levels.

However, a surge above the 1.2900 mark could encounter resistance in the 50-hour simple moving average near 1.2925, the 1.2950 level and the 1.3000 mark. Note that the 1.3000 mark is being strengthened by the 100 and 200-hour simple moving averages.
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