USD/CAD reveals support zone

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


On Thursday, it was spotted that throughout February the USD/CAD currency exchange rate has been finding support in the 1.2651/1.2656 zone. This zone has reversed three recent declines of the USD against the Canadian Dollar.

During the early hours of Thursday's trading hours, the currency pair was located below the resistance of the weekly simple pivot point at 1.2709 and the 1.2714/1.2724 zone. If the pair passes these resistance levels, the rate could aim at the January high level and the 1.2800 mark. However, take into account that the 1.2750 level might act as resistance.

On the other hand, a potential decline of the USD against the Canadian Dollar might look for support in the combination of the 50 and 200-hour simple moving averages near 1.2680. Further below, the support zone of 1.2651/1.2656 could once again stop a decline.
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