Market Analysis: USD/CAD Eyes More Gains
Market Analysis: USD/CAD Eyes More Gains
USD/CAD is rising and might aim for a move above the 1.3690 resistance zone.
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 1.3600 level. The US Dollar started a fresh increase above the 1.3660 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3700. Finally, it tested the 1.3735 zone before there was a downside correction. The pair traded below the 1.3700 support zone. There was a move below the 50% Fib retracement level of the upward move from the 1.3615 swing low to the 1.3734 high.
It tested the 1.3660 support zone and the 61.8% Fib retracement level of the upward move from the 1.3615 swing low to the 1.3734 high. The pair is again rising above the 1.3675 level.
Initial resistance sits near the 1.3690 level and the 50-hour simple moving average. There is also a connecting bearish trend line forming with resistance near 1.3690. A clear upside break above 1.3690 could start another steady increase.
The next major resistance is the 1.3735 level. A close above the 1.3735 level might send the pair toward the 1.3800 level. Any more gains could open the doors for a test of the 1.3850 level.
Conversely, the pair could start another decline. Initial support is near the 1.3660 level on the same USD/CAD chart. The next major support is near 1.3615. A downside break below the 1.3615 level could push the pair further lower. The next major support is near the 1.3550 support zone, below which the pair might visit 1.3500.
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USD/CAD is rising and might aim for a move above the 1.3690 resistance zone.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3660 support zone.
- There is a connecting bearish trend line forming with resistance near 1.3690 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 1.3600 level. The US Dollar started a fresh increase above the 1.3660 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3700. Finally, it tested the 1.3735 zone before there was a downside correction. The pair traded below the 1.3700 support zone. There was a move below the 50% Fib retracement level of the upward move from the 1.3615 swing low to the 1.3734 high.
It tested the 1.3660 support zone and the 61.8% Fib retracement level of the upward move from the 1.3615 swing low to the 1.3734 high. The pair is again rising above the 1.3675 level.
Initial resistance sits near the 1.3690 level and the 50-hour simple moving average. There is also a connecting bearish trend line forming with resistance near 1.3690. A clear upside break above 1.3690 could start another steady increase.
The next major resistance is the 1.3735 level. A close above the 1.3735 level might send the pair toward the 1.3800 level. Any more gains could open the doors for a test of the 1.3850 level.
Conversely, the pair could start another decline. Initial support is near the 1.3660 level on the same USD/CAD chart. The next major support is near 1.3615. A downside break below the 1.3615 level could push the pair further lower. The next major support is near the 1.3550 support zone, below which the pair might visit 1.3500.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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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