Market Analysis: USD/CAD Gains Bullish Pace
Market Analysis: USD/CAD Gains Bullish Pace
USD/CAD is rising and might aim for more gains above the 1.3610 resistance.
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 1.3445 level. The US Dollar started a fresh increase above the 1.3515 resistance against the Canadian Dollar.
The bulls pushed the pair above the 50% Fib retracement level of the main decline from the 1.3613 swing high to the 1.3552 low. There was a break above a major bearish trend line with resistance near 1.3575.
The pair cleared the 50-hour simple moving average and climbed above 1.3590. It is now consolidating near the 76.4% Fib retracement level of the main decline from the 1.3613 swing high to the 1.3552 low. Initial resistance sits near the 1.3610 zone.
A clear upside break above 1.3610 could start another steady increase. The next major resistance is the 1.3640 level. A close above the 1.3640 level might send the pair toward the 1.3700 level. Any more gains could open the doors for a test of the 1.3750 level.
Initial support is near the 50-hour simple moving average and 1.3575. The next major support is near 1.3555 on the same USD/CAD chart.
The main support sits near 1.3515. A downside break below the 1.3515 level could push the pair further lower. The next major support is near the 1.3455 support zone, below which the pair might visit 1.3400.
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 1.3610 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3555 support zone.
- There was a break above a major bearish trend line with resistance near 1.3575 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 1.3445 level. The US Dollar started a fresh increase above the 1.3515 resistance against the Canadian Dollar.
The bulls pushed the pair above the 50% Fib retracement level of the main decline from the 1.3613 swing high to the 1.3552 low. There was a break above a major bearish trend line with resistance near 1.3575.
The pair cleared the 50-hour simple moving average and climbed above 1.3590. It is now consolidating near the 76.4% Fib retracement level of the main decline from the 1.3613 swing high to the 1.3552 low. Initial resistance sits near the 1.3610 zone.
A clear upside break above 1.3610 could start another steady increase. The next major resistance is the 1.3640 level. A close above the 1.3640 level might send the pair toward the 1.3700 level. Any more gains could open the doors for a test of the 1.3750 level.
Initial support is near the 50-hour simple moving average and 1.3575. The next major support is near 1.3555 on the same USD/CAD chart.
The main support sits near 1.3515. A downside break below the 1.3515 level could push the pair further lower. The next major support is near the 1.3455 support zone, below which the pair might visit 1.3400.
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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