USD/CAD analysis: Reaches low level zone

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

On Tuesday, the USD/CAD currency exchange rate reached the low-level zone of the previous week at 1.2713/1.2728. Previously, the rate passed the support of the 200-hour simple moving average and the weekly S1 simple pivot point at 1.2760 and 1.2752.

In the case that the rate passes the support zone, a decline might aim at the support of the weekly S2 simple pivot point at 1.2662. However, take into account that the 1.2700 mark could stop a downwards move.

Meanwhile, a potential recovery of the pair might find resistance in the previously passed weekly S1 simple pivot point at 1.2752 and the 200-hour simple moving average near 1.2764. Above these levels, note the 50-hour simple moving average and the weekly simple pivot point at 1.2800.

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Dukascopy Bank Team

Dukascopy Bank SA

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