USD/CAD Aims Higher
USD/CAD is rising and might aim for a move above the 1.3520 resistance zone.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is showing positive signs above 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 1.3400 level. The US Dollar started a fresh increase above the 1.3450 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3500. Finally, it tested the 1.3520 zone. A high was formed near 1.3523 before there was a drop toward 1.3425. The pair traded as low as 1.3423 and it is again moving higher.
There was a move above the 50% Fib retracement level of the downside correction from the 1.3523 swing high to the 1.3423 low. There is also a major bullish trend line forming with support near 1.3450.
Initial resistance sits near the 61.8% Fib retracement level of the downside correction from the 1.3523 swing high to the 1.3423 low at 1.3480. A clear upside break above 1.3480 could start another steady increase.
The next major resistance is the 1.3520 level. A close above the 1.3520 level might send the pair toward the 1.3580 level. Any more gains could open the doors for a test of the 1.3640 level.
Conversely, the pair could start another decline. Initial support is near the 1.3450 level and a major bullish trend line on the same USD/CAD chart. The next major support is near 1.3425.
The main support sits near 1.3400. A downside break below the 1.3400 level could push the pair further lower. The next major support is near the 1.3365 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 showing positive signs above 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 1.3400 level. The US Dollar started a fresh increase above the 1.3450 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3500. Finally, it tested the 1.3520 zone. A high was formed near 1.3523 before there was a drop toward 1.3425. The pair traded as low as 1.3423 and it is again moving higher.
There was a move above the 50% Fib retracement level of the downside correction from the 1.3523 swing high to the 1.3423 low. There is also a major bullish trend line forming with support near 1.3450.
Initial resistance sits near the 61.8% Fib retracement level of the downside correction from the 1.3523 swing high to the 1.3423 low at 1.3480. A clear upside break above 1.3480 could start another steady increase.
The next major resistance is the 1.3520 level. A close above the 1.3520 level might send the pair toward the 1.3580 level. Any more gains could open the doors for a test of the 1.3640 level.
Conversely, the pair could start another decline. Initial support is near the 1.3450 level and a major bullish trend line on the same USD/CAD chart. The next major support is near 1.3425.
The main support sits near 1.3400. A downside break below the 1.3400 level could push the pair further lower. The next major support is near the 1.3365 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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