USD/CAD analysis: Consolidates in pattern's borders

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The USD/CAD bounced off the lower trend line of the channel down pattern at mid-day on Thursday. By the middle of Friday's trading, the currency pair had made an attempt to pass resistance levels near 1.2515/1.2520 and failed at it.

In regards to the near term future, if the rate declines, it could look for support in the 1.2450 mark, before aiming at the 1.2400 level and the weekly S3 simple pivot point at 1.2398.

On the other hand, a surge of the USD against the CAD would test the resistance of the 1.2500 mark and the 50-hour simple moving average. Above these levels, the weekly S2 simple pivot point at 1.2515 is expected to act as resistance. Higher above, note the upper trend line of the channel down pattern.

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Dukascopy Bank Team

Dukascopy Bank SA

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