USD/CAD returns to trade near 1.3000

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


On August 24, the USD/CAD rate recovered from the 1.2950 level up to 1.3000. In the meantime, the pair did not touch the support line of the channel up pattern, which has been guiding the pair since August 10.

In the case of the pair moving higher, the rate would have to pass the resistance of the 50-hour simple moving average near 1.3000. Higher above, note that the 1.3060 level has acted as resistance.

On the other hand, a decline of the currency exchange rate is expected to look for support in the 1.2960 and 1.2940 levels, before approaching the lower trend line of the channel up pattern.
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Thu, 25 Aug 2022 07:47:22 GMT

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