First of all, take into account that the USD/CAD rate has revealed a support zone at 1.2720/1.2732. The support zone has been both keeping the rate from declining and providing support to surges. The pair has made two attempts to surge higher, which have been stopped by the resistance of the 1.2800 level.
If the USD/CAD manages to break the 1.2800 level’s resistance, a potential surge might aim at the combination of the weekly R1 simple pivot point at 1.2847 and the 1.2850 mark. Above these levels, the 1.2900 level and the weekly R2 simple pivot point at 1.2909 might serve as resistance.
On the other hand, a bounce off from the 1.2800 mark would most likely once again look for support in the 1.2720/1.2732 zone.
