USD/CAD Regains Strength
USD/CAD is rising and might gain pace above the 1.3230 resistance zone.
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 1.3120 level. The US Dollar started a decent increase above the 1.3150 resistance against the Canadian Dollar.
The pair broke above the 50-hour simple moving average and a major bearish trend line with resistance near 1.3200. It is now consolidating near the 1.3230 resistance zone. A clear upside break above 1.3230 could trigger another steady increase.
The next major resistance is the 1.3300 level. A close above it might send the pair toward the 1.3350 pivot level. Any more gains could open the doors for a test of 1.3500.
Conversely, the pair could start a downside correction. Initial support is near the 1.3200 level and the broken trend line on the same USD/CAD chart. It is close to the 23.6% Fib retracement level of the upward move from the 1.3123 swing low to the 1.3228 high.
The next major support is near the 50-hour simple moving average at 1.3175. Any more losses might send the pair toward the 76.4% Fib retracement level of the upward move from the 1.3123 swing low to the 1.3228 high at 1.3150.
A downside break below 1.3150 could push the pair further lower. The next major support is near the 1.3120 support zone, below which the pair might visit 1.3000.
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.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is rising steadily from the 1.3120 support zone.
- There was a break above a major bearish trend line with resistance near 1.3200 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 1.3120 level. The US Dollar started a decent increase above the 1.3150 resistance against the Canadian Dollar.
The pair broke above the 50-hour simple moving average and a major bearish trend line with resistance near 1.3200. It is now consolidating near the 1.3230 resistance zone. A clear upside break above 1.3230 could trigger another steady increase.
The next major resistance is the 1.3300 level. A close above it might send the pair toward the 1.3350 pivot level. Any more gains could open the doors for a test of 1.3500.
Conversely, the pair could start a downside correction. Initial support is near the 1.3200 level and the broken trend line on the same USD/CAD chart. It is close to the 23.6% Fib retracement level of the upward move from the 1.3123 swing low to the 1.3228 high.
The next major support is near the 50-hour simple moving average at 1.3175. Any more losses might send the pair toward the 76.4% Fib retracement level of the upward move from the 1.3123 swing low to the 1.3228 high at 1.3150.
A downside break below 1.3150 could push the pair further lower. The next major support is near the 1.3120 support zone, below which the pair might visit 1.3000.
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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