USD/CAD at Resistance

The 200– hour simple moving average has guided the US Dollar down against the Canadian Dollar. The pair has formed a triangle like a pattern as it can be observed on the chart.

The recent weakness for the Buck was caused by trade discoursed between China and the United States which has weighed heavily on the currency pair for the past two weeks. Due to this reason, the USD/CAD pair has breached a support cluster set by the weekly pivot point and both the 55– and the 100-hour SMAs near 1.2885.

The pair is looking to find immediate support at around 1.2860 as it is now laying at the resistance at 1.2920. Currently, the exchange rate hovers at 1.2914.

Chart: USD/CAD H1