Market Analysis: USD/CAD Could Extend Gains
USD/CAD is rising and might aim for more gains above the 1.3620 resistance.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is showing positive signs above the 1.3580 support zone.
· There was a break above a major bearish trend line with resistance near 1.3585 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 1.3550 level. The US Dollar started a fresh increase above the 1.3575 resistance against the Canadian Dollar.
There was a break above a major bearish trend line with resistance near 1.3585. The pair cleared the 50-hour simple moving average and climbed above 1.3600. Finally, it tested the 1.3620 zone. A high was formed near 1.3618 before there was a downside correction.
The pair dipped below the 1.3600 level and the 23.6% Fib retracement level of the upward move from the 1.3550 swing low to the 1.3620 high.
Initial support is near the 50-hour simple moving average and the 50% Fib retracement level of the upward move from the 1.3550 swing low to the 1.3620 high at 1.3580.
The next major support is near 1.3550 on the same USD/CAD chart. The main support sits near 1.3530. A downside break below the 1.3530 level could push the pair further lower. The next major support is near the 1.3480 support zone, below which the pair might visit 1.3420.
Initial resistance sits near the 1.3600 zone. A clear upside break above 1.3600 could start another steady increase. The next major resistance is the 1.3620 level. A close above the 1.3620 level might send the pair toward the 1.3680 level. Any more gains could open the doors for a test of the 1.3740 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.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is showing positive signs above the 1.3580 support zone.
· There was a break above a major bearish trend line with resistance near 1.3585 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 1.3550 level. The US Dollar started a fresh increase above the 1.3575 resistance against the Canadian Dollar.
There was a break above a major bearish trend line with resistance near 1.3585. The pair cleared the 50-hour simple moving average and climbed above 1.3600. Finally, it tested the 1.3620 zone. A high was formed near 1.3618 before there was a downside correction.
The pair dipped below the 1.3600 level and the 23.6% Fib retracement level of the upward move from the 1.3550 swing low to the 1.3620 high.
Initial support is near the 50-hour simple moving average and the 50% Fib retracement level of the upward move from the 1.3550 swing low to the 1.3620 high at 1.3580.
The next major support is near 1.3550 on the same USD/CAD chart. The main support sits near 1.3530. A downside break below the 1.3530 level could push the pair further lower. The next major support is near the 1.3480 support zone, below which the pair might visit 1.3420.
Initial resistance sits near the 1.3600 zone. A clear upside break above 1.3600 could start another steady increase. The next major resistance is the 1.3620 level. A close above the 1.3620 level might send the pair toward the 1.3680 level. Any more gains could open the doors for a test of the 1.3740 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.
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