USD/CAD Analysis: Reveals New Support Zone

Technical analysis of Forex market

At mid-day on Tuesday, the USD/CAD declined and confirmed the existence of a support zone at 1.2668/1.2677. Meanwhile, the pair appeared to be almost ignoring the 50-hour simple moving average, the weekly simple pivot point and the previous low and high-level zone at 1.2710/1.2730.

A surge of the pair might find resistance in this week’s high levels near 0.7265/0.7280. In addition, note the 200-hour simple moving average near 1.2770. Above the zone, the weekly R1 simple pivot point could act as resistance at 1.2789.

On the other hand, a decline would have to pass the 1.2668/1.2677 zone, before aiming at 1.2595/1.2620.