HomeContributorsTechnical AnalysisUSD/CAD Decline Reaches Below 1.2650

USD/CAD Decline Reaches Below 1.2650

The USD/CAD currency exchange rate’s decline eventually found and confirmed as support the 1.2632/1.2635 zone. On Wednesday morning, the currency pair retraced back up and found resistance in the weekly S2 simple pivot point at 1.2662.

If the currency pair breaks the resistance of the weekly S2 simple pivot point at 1.2662, the USD/CAD could reach the resistance of the 1.2700 mark. Note that the 1.2700 would most likely be strengthened by the 50-hour simple moving average. Above the 1.2700 mark, the last week’s low level zone at 1.2713/1.2732 could act as resistance.

On the other hand, a move below the 1.2632/1.2635 support zone would look for support in the weekly S3 simple pivot point at 1.2611. Further below, the pair might be supported by the 1.2600 level.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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