USD/CAD Eyes Recovery
USD/CAD is recovering and might gain pace if it clears the 1.3370 resistance.
Important Takeaways for USD/CAD
· USD/CAD declined below the 1.3450 and 1.3400 support levels.
· A major bearish trend line is forming with resistance near 1.3370 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3550 resistance zone. The US Dollar gained bearish momentum below the 1.3425 support against the Canadian Dollar.
Finally, it spiked below the 1.3315 support and traded as low as 1.3300. Recently, there was a recovery wave above the 1.3315 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3553 swing high to the 1.3300 low.
It is now facing resistance near a major bearish trend line and the 50-hour simple moving average at 1.3370. If there is an upside break above the trend line, the pair could rise toward the 50% Fib retracement level of the downward move from the 1.3553 swing high to the 1.3300 low at 1.3425.
A clear break above the 1.3425 level could open the doors for more gains. The next major resistance is near the 1.3550 level, above which USD/CAD could rise steadily toward the 1.3600 resistance zone.
Immediate support is near the 1.3315 level. A close below the 1.3315 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3200. Any more losses may possibly open the doors for a drop toward the 1.3120 support.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for USD/CAD
· USD/CAD declined below the 1.3450 and 1.3400 support levels.
· A major bearish trend line is forming with resistance near 1.3370 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3550 resistance zone. The US Dollar gained bearish momentum below the 1.3425 support against the Canadian Dollar.
Finally, it spiked below the 1.3315 support and traded as low as 1.3300. Recently, there was a recovery wave above the 1.3315 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.3553 swing high to the 1.3300 low.
It is now facing resistance near a major bearish trend line and the 50-hour simple moving average at 1.3370. If there is an upside break above the trend line, the pair could rise toward the 50% Fib retracement level of the downward move from the 1.3553 swing high to the 1.3300 low at 1.3425.
A clear break above the 1.3425 level could open the doors for more gains. The next major resistance is near the 1.3550 level, above which USD/CAD could rise steadily toward the 1.3600 resistance zone.
Immediate support is near the 1.3315 level. A close below the 1.3315 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3200. Any more losses may possibly open the doors for a drop toward the 1.3120 support.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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