USD/CAD pierces resistance zone

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


On Thursday evening, the USD/CAD currency pair shortly reached above the resistance zone at 1.3037/1.3053. This event indicated that the pair could surge higher. Meanwhile, it was spotted that during the day the 50 and 100-hour simple moving averages have acted as support. At mid-day on Friday, the pair was located at the 1.3000 mark, which was strengthened by the two moving averages.

A surge above the 1.3037/1.3053 zone is expected to encounter resistance in the Thursday's high at 1.3075, before reaching the 1.3100 and 1.3150 levels.

However, a decline below the 1.3000 mark and the moving averages could look for support in the weekly R1 simple pivot point at 1.2971, the 1.2950 mark and the zone at 1.2910/1.2925 together with the 200-hour simple moving average.
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