Despite almost touching the 1.2840 high level, the USD/CAD retreated and returned to the support of the 1.2720/1.2732 zone. On Wednesday, the rate was finding support in the zone, as a recovery was possible.

A potential recovery of the USD/CAD would most likely encounter resistance in the 50-hour simple moving average near 1.2765 and the 1.2800 level. Above these levels, the rate could once again find resistance in the 1.2840 mark.

Meanwhile, a decline of the rate would have to pass the combination of the 1.2720/1.2732 zone, the weekly simple pivot point at 1.2738 , the lower trend line of the channel up pattern that has guided the pair throughout November and the 200-hour simple moving average near 1.2700.

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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