USD/CAD Breaks Key Support
USD/CAD traded below the 1.3400 support, which might now act as a resistance.
Important Takeaways for USD/CAD
· USD/CAD is struggling below the 1.3420 and 1.3400 support levels.
· There was a break below a connecting bullish trend line with support near 1.3380 on the hourly chart.
USD/CAD Technical Analysis
The US Dollar attempted an upside break above the 1.3460 and 1.3470 resistance levels against the Canadian Dollar. The USD/CAD pair formed a short-term top at 1.3472 and recently declined.
There was a clear move below the 1.3420 support zone and the 50 hourly simple moving average. During the decline, there was a break below a connecting bullish trend line with support near 1.3380 on the hourly chart.
USD/CAD Hourly Chart
The pair tested the 1.3340 support and a low is formed near 1.3337. It is now correcting losses and trading above the 23.6% Fib retracement level of the recent decline from the 1.3472 swing high to 1.3337 swing low.
On the upside, the pair is facing hurdles near 1.3390. The next major resistance is near the 1.3400 level or the 50% Fib retracement level of the recent decline from the 1.3472 swing high to 1.3337 swing low, above which the pair could rise towards the 1.3470 level.
On the downside, the pair is likely to find bids near 1.3340. The next major support is near the 1.3285 level. A downside break below 1.3285 support level could push the pair further lower.
The next major support is near the 1.3240 zone, below which the pair could even test 1.3220. Any more losses might call for a move to 1.3150.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for USD/CAD
· USD/CAD is struggling below the 1.3420 and 1.3400 support levels.
· There was a break below a connecting bullish trend line with support near 1.3380 on the hourly chart.
USD/CAD Technical Analysis
The US Dollar attempted an upside break above the 1.3460 and 1.3470 resistance levels against the Canadian Dollar. The USD/CAD pair formed a short-term top at 1.3472 and recently declined.
There was a clear move below the 1.3420 support zone and the 50 hourly simple moving average. During the decline, there was a break below a connecting bullish trend line with support near 1.3380 on the hourly chart.
USD/CAD Hourly Chart
The pair tested the 1.3340 support and a low is formed near 1.3337. It is now correcting losses and trading above the 23.6% Fib retracement level of the recent decline from the 1.3472 swing high to 1.3337 swing low.
On the upside, the pair is facing hurdles near 1.3390. The next major resistance is near the 1.3400 level or the 50% Fib retracement level of the recent decline from the 1.3472 swing high to 1.3337 swing low, above which the pair could rise towards the 1.3470 level.
On the downside, the pair is likely to find bids near 1.3340. The next major support is near the 1.3285 level. A downside break below 1.3285 support level could push the pair further lower.
The next major support is near the 1.3240 zone, below which the pair could even test 1.3220. Any more losses might call for a move to 1.3150.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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