USD/CAD declines to 1.2900

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Source: Dukascopy Bank SA


The USD/CAD started a decline on Wednesday afternoon, as US PMI data was released. The release of the fundamental data was enough to cause a decline, which broke the ascending pattern and reached below the 200-hour simple moving average and the weekly simple pivot point at 1.2919. By the middle of Thursday's European trading hours, the pair had found support in the 1.2900 mark.

A move below 1.2900 could result in the USD/CAD looking for support in the weekly S1 simple pivot point at 1.2829. However, note that the 1.2880 and 1.2860 levels are capable of acting as support.

However, a recovery of the US Dollar against the Canadian Dollar might encounter resistance in the 50, 100 and 200-hour simple moving averages near 1.2920, 1.2965 and 1.3000.
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Mon, 29 Aug 2022 09:06:34 GMT

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