USD/CAD pierces support zone

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


During the early hours of Tuesday's trading, the USD/CAD currency exchange rate passed below the support zone at 1.2820. However, almost immediately after the event a sharp recovery started. By the middle of the day's European trading, the pair was testing the combined resistance of the 1.2880 level and the 50 and 100-hour simple moving averages.

A move above 1.2880 could encounter resistance in the 1.2900 mark, the weekly simple pivot point at 1.2919 and the 200-hour simple moving average near 1.2940.

On the other hand, a decline of the rate is highly likley going to find support in the 1.2815/1.2835 range, prior to reaching the 1.2800 mark.
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