On Monday, the USD/CAD eventually passed the previous December high level and shortly reached above the 1.2960 level. However, afterwards, the pair retraced back to the 1.2920 mark. It could be clearly observed on Tuesday that the pair is being impacted by the 1.2920, 1.2940 and 1.2960 round exchange rate levels.
If the pair resumes its surge, it would most likely aim at the weekly R1 simple pivot point at 1.2991. Although, if round rates continue to impact the pair, the 1.2980 mark might act as resistance.
On the other hand, a decline of the pair might find support not only in 1.2920, but also the 1.2900 mark. In addition, the 1.2900 was expected to soon be strengthened by the 50-hour simple moving average.
