USD/CAD Eyes Fresh Increase
USD/CAD is recovering and might aim for a move toward the 1.3795 resistance.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD declined toward the 1.3635 zone before the bulls took a stand.
· It broke a major bearish trend line with resistance near 1.3660 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair rallied toward the 1.3900 resistance zone before the bears appeared. The US Dollar formed a high near 1.3899 and recently declined below the 1.3765 support against the Canadian Dollar.
The pair even tested the 1.3636 zone and recently started a recovery wave. It broke a major bearish trend line with resistance near 1.3660.
There was a move above the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 1.3900 swing high to the 1.3633 low. The pair is now showing positive signs and might aim for more upsides.
Immediate resistance is near the 50% Fib retracement level of the downward move from the 1.3900 swing high to the 1.3633 low at 1.3765. The next key resistance on the USD/CAD chart is 1.3795.
If there is an upside break above 1.3795, the pair could rise toward the 1.3900 resistance. The next major resistance is near the 1.3920 level, above which it could rise steadily toward the 1.4000 resistance zone.
If not, the pair might decline again. Immediate support is near the 50-hour simple moving average at 1.3685. The first major support is 1.3635. A close below the 1.3635 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3550. Any more losses may possibly open the doors for a drop toward the 1.3500 support.
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 toward the 1.3635 zone before the bulls took a stand.
· It broke a major bearish trend line with resistance near 1.3660 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair rallied toward the 1.3900 resistance zone before the bears appeared. The US Dollar formed a high near 1.3899 and recently declined below the 1.3765 support against the Canadian Dollar.
The pair even tested the 1.3636 zone and recently started a recovery wave. It broke a major bearish trend line with resistance near 1.3660.
There was a move above the 50-hour simple moving average and the 23.6% Fib retracement level of the downward move from the 1.3900 swing high to the 1.3633 low. The pair is now showing positive signs and might aim for more upsides.
Immediate resistance is near the 50% Fib retracement level of the downward move from the 1.3900 swing high to the 1.3633 low at 1.3765. The next key resistance on the USD/CAD chart is 1.3795.
If there is an upside break above 1.3795, the pair could rise toward the 1.3900 resistance. The next major resistance is near the 1.3920 level, above which it could rise steadily toward the 1.4000 resistance zone.
If not, the pair might decline again. Immediate support is near the 50-hour simple moving average at 1.3685. The first major support is 1.3635. A close below the 1.3635 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3550. Any more losses may possibly open the doors for a drop toward the 1.3500 support.
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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