The USD/CAD currency exchange rate has been trading with high volatility, as can be deducted from the size of the hourly candles. Meanwhile, on Tuesday morning, the rate reached the support of the 1.2429/1.2433 zone.
In the case that the rate passes the support zone, it could almost immediately find support in the weekly simple pivot point at 1.2427. Below the pivot point, the rate could be supported by the 200-hour simple moving average near 1.2410.
Meanwhile, a potential recovery of the rate might encounter minor resistance in the 50-hour simple moving average. Above the SMA, a descending trend line could act as resistance. The trend line connects the recent high levels.
