USD/CAD analysis: Reaches above 1.2500
|USD/CAD
The high volatility period of the USD/CAD currency exchange rate ended with a surge to the 1.2500 level, the zone that surrounds it, and the weekly R1 simple pivot point in the zone. On Thursday morning, the rate broke the resistance of the 1.2500 mark and reached the 1.2530 level.
The USD has been surging against all other currencies since the reveal of higher than forecast US monthly Consumer Price Index data.
In general, the surge is expected to continue. A continuation of the surge might find resistance in the 1.2550 mark and the weekly R2 simple pivot point at 1.2555, before aiming at the 1.2600 mark.
However, the rate could consolidate its gains by declining, A potential decline might look for support in the 1.2500 level and the technical levels that surround it.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.