Market Analysis: USD/CAD Regains Strength
Market Analysis: USD/CAD Regains Strength
USD/CAD is rising and might aim for more gains above the 1.3760 resistance.
Important Takeaways for USD/CAD Analysis Today
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair formed a strong support base above the 1.3600 level. The US Dollar started a fresh increase above the 1.3645 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3685 and 1.3720 levels. The pair cleared the 50-hour simple moving average and climbed above 1.3750. A high was formed at 1.3760 and the pair is now correcting gains.
There was a minor decline below the 23.6% Fib retracement level of the upward move from the 1.3609 swing low to the 1.3760 high. It is now consolidating near the 1.3720 zone. There is also a major bullish trend line forming with support at 1.3720.
Initial resistance sits near the 1.3735 zone. A clear upside break above 1.3735 could start another steady increase. The next major resistance is the 1.3760 level. A close above the 1.3760 level might send the pair toward the 1.3800 level. Any more gains could open the doors for a test of the 1.3850 level.
Initial support is near the 50-hour simple moving average and 1.3720. The next major support is near 1.3685 on the same USD/CAD chart.
The main support sits near the 76.4% Fib retracement level of the upward move from the 1.3609 swing low to the 1.3760 high at 1.3645. A downside break below the 1.3645 level could push the pair further lower. The next major support is near the 1.3610 support zone, below which the pair might visit 1.3500.
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.
USD/CAD is rising and might aim for more gains above the 1.3760 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3685 support zone.
- There is a major bullish trend line forming with support at 1.3720 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 1.3600 level. The US Dollar started a fresh increase above the 1.3645 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3685 and 1.3720 levels. The pair cleared the 50-hour simple moving average and climbed above 1.3750. A high was formed at 1.3760 and the pair is now correcting gains.
There was a minor decline below the 23.6% Fib retracement level of the upward move from the 1.3609 swing low to the 1.3760 high. It is now consolidating near the 1.3720 zone. There is also a major bullish trend line forming with support at 1.3720.
Initial resistance sits near the 1.3735 zone. A clear upside break above 1.3735 could start another steady increase. The next major resistance is the 1.3760 level. A close above the 1.3760 level might send the pair toward the 1.3800 level. Any more gains could open the doors for a test of the 1.3850 level.
Initial support is near the 50-hour simple moving average and 1.3720. The next major support is near 1.3685 on the same USD/CAD chart.
The main support sits near the 76.4% Fib retracement level of the upward move from the 1.3609 swing low to the 1.3760 high at 1.3645. A downside break below the 1.3645 level could push the pair further lower. The next major support is near the 1.3610 support zone, below which the pair might visit 1.3500.
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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