USD/CAD Corrects Lower
USD/CAD is correcting gains and trading below the 1.3300 support.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD declined below the 1.3320 and 1.3300 support levels.
· It traded below a key bullish trend line with support at 1.3320 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3385 resistance zone. The US Dollar gained bearish momentum below the 1.3360 support against the Canadian Dollar.
The pair traded below a key bullish trend line with support at 1.3320. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.3313 swing low to the 1.3386 high.
It is now trading well below the 50-hour simple moving average on the USD/CAD chart. Immediate support is near the 76.4% Fib retracement level of the upward move from the 1.3313 swing low to the 1.3386 high at 1.3255.
A close below the 1.3255 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3200. Any more losses may possibly open the doors for a drop toward the 1.3150 support.
On the upside, the pair is facing resistance near 1.3300. The first major resistance is near the 50-hour simple moving average at 1.3320. If there is an upside break above 1.3320, the pair could rise toward the 1.3360 resistance.
The next major resistance is near the 1.3385 level, above which it could rise steadily toward the 1.3450 resistance zone.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD declined below the 1.3320 and 1.3300 support levels.
· It traded below a key bullish trend line with support at 1.3320 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3385 resistance zone. The US Dollar gained bearish momentum below the 1.3360 support against the Canadian Dollar.
The pair traded below a key bullish trend line with support at 1.3320. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.3313 swing low to the 1.3386 high.
It is now trading well below the 50-hour simple moving average on the USD/CAD chart. Immediate support is near the 76.4% Fib retracement level of the upward move from the 1.3313 swing low to the 1.3386 high at 1.3255.
A close below the 1.3255 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3200. Any more losses may possibly open the doors for a drop toward the 1.3150 support.
On the upside, the pair is facing resistance near 1.3300. The first major resistance is near the 50-hour simple moving average at 1.3320. If there is an upside break above 1.3320, the pair could rise toward the 1.3360 resistance.
The next major resistance is near the 1.3385 level, above which it could rise steadily toward the 1.3450 resistance zone.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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