Market Analysis: USD/CAD Consolidates Gains
USD/CAD declined and now consolidates below the 1.3750 level.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD started a fresh decline after it failed to clear the 1.3775 resistance.
- There is a key bullish trend line forming with support at 1.3715 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3775 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.3774 and recently declined below the 1.3750 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3735. The pair is now consolidating losses below the 50% Fib retracement level of the downward move from the 1.3774 swing high to the 1.3695 low. But the bulls are active near the 1.3700 level.
If there is a fresh increase, the pair could face resistance near the 1.3735 level. The next key resistance on the USD/CAD chart is near the 1.3755 level or the 61.8% Fib retracement level.
If there is an upside break above 1.3755, the pair could rise toward 1.3775. The next major resistance is near the 1.3800 zone, above which it could rise steadily toward 1.3880.
Immediate support is near the 1.3715 level and a key bullish trend line. The first major support is near 1.3675. A close below the 1.3675 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3650. Any more losses may possibly open the doors for a drop toward the 1.3620 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.
USD/CAD declined and now consolidates below the 1.3750 level.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD started a fresh decline after it failed to clear the 1.3775 resistance.
- There is a key bullish trend line forming with support at 1.3715 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3775 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.3774 and recently declined below the 1.3750 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3735. The pair is now consolidating losses below the 50% Fib retracement level of the downward move from the 1.3774 swing high to the 1.3695 low. But the bulls are active near the 1.3700 level.
If there is a fresh increase, the pair could face resistance near the 1.3735 level. The next key resistance on the USD/CAD chart is near the 1.3755 level or the 61.8% Fib retracement level.
If there is an upside break above 1.3755, the pair could rise toward 1.3775. The next major resistance is near the 1.3800 zone, above which it could rise steadily toward 1.3880.
Immediate support is near the 1.3715 level and a key bullish trend line. The first major support is near 1.3675. A close below the 1.3675 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3650. Any more losses may possibly open the doors for a drop toward the 1.3620 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.
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.