USD/CAD ignores historical levels

Dukascopy Bank Team Dukascopy Bank SA

On Monday, the USD/CAD currency exchange rate was mostly ignoring previous high and low level zones. Moreover, starting from 06:00 GMT, the rate began to ignore the 50-hour simple moving average.

At mid-day on Monday, the rate was approaching the 1.2428/1.2434 zone and the weekly simple pivot point at 1.2427. A passing of these support levels could result in a decline to the 200-hour simple moving average near 1.2400.

On the other hand, a recovery of the rate might ignore the resistance levels near 1.2450 and 1.2470 and reach for the Friday's high level at 1.2480.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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