USD/CAD Climbs Higher
USD/CAD is rising and might gain pace above the 1.3500 resistance zone.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is rising steadily from the 1.3400 support zone.
· There is a major bullish trend line forming with support near 1.3450 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair formed a strong support base above the 1.3370 level. The US Dollar started a decent increase above the 1.3400 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average to move into a positive zone. There was a close above the 50% Fib retracement level of the downward move from the 1.3501 swing high to the 1.3372 low.
It is now facing resistance near the 76.4% Fib retracement level of the downward move from the 1.3501 swing high to the 1.3372 low at 1.3470. A clear upside break above 1.3470 could start another steady increase.
The next major resistance is the 1.3500 level. A close above the 1.3500 level might send the pair toward the 1.3550 level. Any more gains could open the doors for a test of the 1.3620 level.
Conversely, the pair could start a downside correction. Initial support is near the 1.3450 level and connecting bullish trend line on the same USD/CAD chart. The next major support is near the 50-hour simple moving average at 1.3440.
Any more losses might send the pair toward the 1.3400 pivot level. A downside break below the 1.3400 level could push the pair further lower. The next major support is near the 1.3370 support zone, below which the pair might visit 1.3320.
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 is rising steadily from the 1.3400 support zone.
· There is a major bullish trend line forming with support near 1.3450 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair formed a strong support base above the 1.3370 level. The US Dollar started a decent increase above the 1.3400 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average to move into a positive zone. There was a close above the 50% Fib retracement level of the downward move from the 1.3501 swing high to the 1.3372 low.
It is now facing resistance near the 76.4% Fib retracement level of the downward move from the 1.3501 swing high to the 1.3372 low at 1.3470. A clear upside break above 1.3470 could start another steady increase.
The next major resistance is the 1.3500 level. A close above the 1.3500 level might send the pair toward the 1.3550 level. Any more gains could open the doors for a test of the 1.3620 level.
Conversely, the pair could start a downside correction. Initial support is near the 1.3450 level and connecting bullish trend line on the same USD/CAD chart. The next major support is near the 50-hour simple moving average at 1.3440.
Any more losses might send the pair toward the 1.3400 pivot level. A downside break below the 1.3400 level could push the pair further lower. The next major support is near the 1.3370 support zone, below which the pair might visit 1.3320.
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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