USD/CAD Returns To Support Zone

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.

December 01, 2021 at 11:38PM
Dukascopy Swiss FX Group
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