USD/CAD reacts to USD decline

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


The USD/CAD was approaching the 1.3550 level, as a fundamental event caused a sharp drop of the USD. Namely, the Bank of Japan intervened and bought up such amounts of the Yen at 08:00 GMT that the US Dollar index declined and a spill over occurred into other pairs. It resulted in a the pair declining to 1.3415. However, by the middle of the day the pair appeared to be resuming its surge.

A surge above 1.3550 would result in the rate having no technical resistance as high as the weekly R3 simple pivot point at 1.3749. However, round exchange rate levels are expected to act as resistance at 1.3600, 1.3650 and 1.3700.

On the other hand, a decline of the USD against the Canadian Dollar is expected to look for support first in the combination of the weekly R1 simple pivot point, 50-hour simple moving average and the 1.3400 mark. Further below, note the 100-hour SMA and the 1.3350 level.
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