Market Analysis: USD/CAD Dips
USD/CAD declined and now consolidates below the 1.3850 level.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD started a fresh decline after it failed to clear the 1.3900 resistance.
- There is a major bearish trend line forming with resistance at 1.3815 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.4000 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.3890 and recently declined below the 1.3850 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3820. The bulls are now active near the 1.3770 level. The pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.3892 swing high to the 1.3768 low.
If there is a fresh increase, the pair could face resistance near the 1.3800 level. The next key resistance on the USD/CAD chart is near the 1.3815 level.
There is also a major bearish trend line forming with resistance at 1.3815. If there is an upside break above 1.3815, the pair could rise toward the 1.3845 resistance or the 61.8% Fib retracement level of the downward move from the 1.3892 swing high to the 1.3768 low.
The next major resistance is near the 1.3890 zone, above which it could rise steadily toward the 1.3950 resistance zone. Immediate support is near the 1.3770 level.
The first major support is near 1.3720. A close below the 1.3720 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3640. Any more losses may possibly open the doors for a drop toward the 1.3550 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 1.3850 level.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD started a fresh decline after it failed to clear the 1.3900 resistance.
- There is a major bearish trend line forming with resistance at 1.3815 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.4000 resistance zone before the bears appeared. The US Dollar formed a swing high near 1.3890 and recently declined below the 1.3850 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3820. The bulls are now active near the 1.3770 level. The pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.3892 swing high to the 1.3768 low.
If there is a fresh increase, the pair could face resistance near the 1.3800 level. The next key resistance on the USD/CAD chart is near the 1.3815 level.
There is also a major bearish trend line forming with resistance at 1.3815. If there is an upside break above 1.3815, the pair could rise toward the 1.3845 resistance or the 61.8% Fib retracement level of the downward move from the 1.3892 swing high to the 1.3768 low.
The next major resistance is near the 1.3890 zone, above which it could rise steadily toward the 1.3950 resistance zone. Immediate support is near the 1.3770 level.
The first major support is near 1.3720. A close below the 1.3720 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3640. Any more losses may possibly open the doors for a drop toward the 1.3550 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.