Market Analysis: USD/CAD Rallies
Market Analysis: USD/CAD Rallies
USD/CAD is rising and might aim for more gains above the 1.3735 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3675 support zone.
- There is a major bullish trend line forming with support at 1.3705 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 1.3640 level. The US Dollar started a fresh increase above the 1.3675 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3685 and 1.3700 levels. The pair cleared the 50-hour simple moving average and climbed above 1.3720. A high was formed at 1.3734 and the pair is now consolidating gains.
Initial support is near a major bullish trend line at 1.3705. The trend line is close to the 23.6% Fib retracement level of the upward move from the 1.3621 swing low to the 1.3734 high.
The next major support is near 1.3675 or the 50% Fib retracement level of the upward move from the 1.3621 swing low to the 1.3734 high on the same USD/CAD chart. The main support sits near the 1.3640 zone.
A downside break below the 1.3640 level could push the pair further lower. The next major support is near the 1.3620 support zone, below which the pair might visit 1.3550.
If there is another increase, the pair might face resistance near the 1.3735 level. A clear upside break above 1.3735 could start another steady increase. The next major resistance is the 1.3750 level.
A close above the 1.3750 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.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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 1.3735 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3675 support zone.
- There is a major bullish trend line forming with support at 1.3705 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 1.3640 level. The US Dollar started a fresh increase above the 1.3675 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3685 and 1.3700 levels. The pair cleared the 50-hour simple moving average and climbed above 1.3720. A high was formed at 1.3734 and the pair is now consolidating gains.
Initial support is near a major bullish trend line at 1.3705. The trend line is close to the 23.6% Fib retracement level of the upward move from the 1.3621 swing low to the 1.3734 high.
The next major support is near 1.3675 or the 50% Fib retracement level of the upward move from the 1.3621 swing low to the 1.3734 high on the same USD/CAD chart. The main support sits near the 1.3640 zone.
A downside break below the 1.3640 level could push the pair further lower. The next major support is near the 1.3620 support zone, below which the pair might visit 1.3550.
If there is another increase, the pair might face resistance near the 1.3735 level. A clear upside break above 1.3735 could start another steady increase. The next major resistance is the 1.3750 level.
A close above the 1.3750 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.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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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