Market Analysis: USD/CAD Breaks Higher
USD/CAD is rising and might aim for more gains above the 1.3765 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3720 support zone.
- There is a key bullish trend line forming with support at 1.3740 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 1.3540 level. The US Dollar started a fresh increase above the 1.3600 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3640 and 1.3700 levels. The pair cleared the 50-hour simple moving average and climbed above 1.3750. A high was formed at 1.3766 and the pair is now consolidating.
Initial support is near the 1.3740 level. There is also a key bullish trend line forming with support at 1.3740. The next major support is near the 1.3710 level or the 23.6% Fib retracement level of the upward move from the 1.3539 swing low to the 1.3766 high.
The main support sits near the 1.3650 zone on the USD/CAD chart. It is near the 50% Fib retracement level.
A downside break below the 1.3650 level could push the pair further lower. The next major support is near the 1.3595 support zone, below which the pair might visit 1.3540.
If there is another increase, the pair might face resistance near the 1.3765 level. A clear upside break above 1.3765 could start another steady increase. The next major resistance is the 1.3800 level. A close above the 1.3800 level might send the pair toward the 1.3880 level. Any more gains could open the doors for a test of the 1.4000 level.
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 1.3765 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3720 support zone.
- There is a key bullish trend line forming with support at 1.3740 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 1.3540 level. The US Dollar started a fresh increase above the 1.3600 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3640 and 1.3700 levels. The pair cleared the 50-hour simple moving average and climbed above 1.3750. A high was formed at 1.3766 and the pair is now consolidating.
Initial support is near the 1.3740 level. There is also a key bullish trend line forming with support at 1.3740. The next major support is near the 1.3710 level or the 23.6% Fib retracement level of the upward move from the 1.3539 swing low to the 1.3766 high.
The main support sits near the 1.3650 zone on the USD/CAD chart. It is near the 50% Fib retracement level.
A downside break below the 1.3650 level could push the pair further lower. The next major support is near the 1.3595 support zone, below which the pair might visit 1.3540.
If there is another increase, the pair might face resistance near the 1.3765 level. A clear upside break above 1.3765 could start another steady increase. The next major resistance is the 1.3800 level. A close above the 1.3800 level might send the pair toward the 1.3880 level. Any more gains could open the doors for a test of the 1.4000 level.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.