HomeContributorsTechnical AnalysisUSD/CAD Reaches Above Resistance Zone

USD/CAD Reaches Above Resistance Zone

Eventually, the USD/CAD pair reached above the December high level zone and the weekly R1 simple pivot point at 1.2835/1.2853. On Wednesday morning, the rate confirmed the zone as support. Meanwhile, the rate has confirmed that it is trading in a channel up pattern, which has guided the USD against the CAD since December 8.

A continuation of the surge of the pair might find resistance in round exchange rate levels like the 1.2900 and 1.2950 and the upper trend line of the channel up pattern. A passing of the round levels could eventually result in the USD/CAD reaching the weekly R2 simple pivot point at 1.2965.

Meanwhile, a decline would have to pass the 1.2835/1.2853 zone’s support, before reaching the 50-hour simple moving average at 1.2820 and the 1.2800 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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