USD/CAD bounces off zone near 1.3200

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Source: Dukascopy Bank SA


The USD/CAD pair has bounced off the zone, which surrounds the 1.3200 mark. The following decline appears to have stopped, as on Thursday the rate was observed to be trading between the 1.3100 and 1.3150 levels. The 1.3100 mark was strengthened by the 200-hour SMA and the weekly simple pivot point at 1.3101. Meanwhile, the 1.3150 level was strengthened by the 50 and 100-hour SMAs.

A decline below 1.3100 could look for support in the 1.3060/1.3075 zone, which acted as resistance throughout August. More recently, the zone turned into support.

On the other hand, a recovery of the USD/CAD might aim at the September high level zone at 1.3195/1.3207.
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