USD/CAD Could Extend Losses
USD/CAD is struggling below 1.3210 and might decline further.
Important Takeaways for USD/CAD
· USD/CAD declined below the 1.3210 and 1.3185 support levels.
· A connecting bearish trend line is forming with resistance near 1.3185 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3240 resistance zone. The US Dollar gained bearish momentum below the 1.3210 support against the Canadian Dollar.
The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.3138 swing low to the 1.3225 high. It is now trading below the 50-hour simple moving average.
It is also showing bearish signs below the 76.4% Fib retracement level of the upward move from the 1.3138 swing low to the 1.3225 high. Immediate support is near the 1.3140 level. A close below the 1.3140 level might trigger a strong decline.
In the stated case, USD/CAD might test 1.3100. Any more losses may possibly open the doors for a drop toward the 1.3040 support.
On the upside, the pair is facing resistance near a connecting bearish trend line at 1.3185. If there is an upside break above the trend line, the pair could rise toward the 1.3210 resistance.
If the bulls pump USD/CAD above the 1.3210 resistance, there might be a decent increase toward the 1.3240 level. The next major resistance is near the 1.3280 level, above which it could rise steadily toward the 1.3335 resistance zone.
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
· USD/CAD declined below the 1.3210 and 1.3185 support levels.
· A connecting bearish trend line is forming with resistance near 1.3185 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3240 resistance zone. The US Dollar gained bearish momentum below the 1.3210 support against the Canadian Dollar.
The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.3138 swing low to the 1.3225 high. It is now trading below the 50-hour simple moving average.
It is also showing bearish signs below the 76.4% Fib retracement level of the upward move from the 1.3138 swing low to the 1.3225 high. Immediate support is near the 1.3140 level. A close below the 1.3140 level might trigger a strong decline.
In the stated case, USD/CAD might test 1.3100. Any more losses may possibly open the doors for a drop toward the 1.3040 support.
On the upside, the pair is facing resistance near a connecting bearish trend line at 1.3185. If there is an upside break above the trend line, the pair could rise toward the 1.3210 resistance.
If the bulls pump USD/CAD above the 1.3210 resistance, there might be a decent increase toward the 1.3240 level. The next major resistance is near the 1.3280 level, above which it could rise steadily toward the 1.3335 resistance zone.
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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