Market Analysis: USD/CAD Dips Again
USD/CAD is declining and trading below the 1.3415 support.
Important Takeaways for USD/CAD Analysis Today
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3440 resistance zone before the bears appeared. The US Dollar formed a high near 1.3642 and recently declined below the 1.3415 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3390. The bulls are now active near the 1.3370 level. There is also a short-term connecting bullish trend line forming with support near 1.3368.
The first major support is near 1.3360. A close below the 1.3360 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3300. Any more losses may possibly open the doors for a drop toward the 1.3250 support.
If there is a fresh increase, the pair could face resistance near the 23.6% Fib retracement level of the downward move from the 1.3464 swing high to the 1.3367 low.
The next key resistance on the USD/CAD chart is near the 50-hour simple moving average at 1.3415. The 50% Fib retracement level of the downward move from the 1.3464 swing high to the 1.3367 low is also at 1.3415.
If there is an upside break above 1.3415, the pair could rise toward the 1.3440 resistance. The next major resistance is near the 1.3465 level, above which it could rise steadily toward the 1.3500 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 Analysis Today
- USD/CAD started a fresh decline after it failed to clear the 1.3465 resistance.
- There is a short-term connecting bullish trend line forming with support near 1.3368 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair climbed toward the 1.3440 resistance zone before the bears appeared. The US Dollar formed a high near 1.3642 and recently declined below the 1.3415 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3390. The bulls are now active near the 1.3370 level. There is also a short-term connecting bullish trend line forming with support near 1.3368.
The first major support is near 1.3360. A close below the 1.3360 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3300. Any more losses may possibly open the doors for a drop toward the 1.3250 support.
If there is a fresh increase, the pair could face resistance near the 23.6% Fib retracement level of the downward move from the 1.3464 swing high to the 1.3367 low.
The next key resistance on the USD/CAD chart is near the 50-hour simple moving average at 1.3415. The 50% Fib retracement level of the downward move from the 1.3464 swing high to the 1.3367 low is also at 1.3415.
If there is an upside break above 1.3415, the pair could rise toward the 1.3440 resistance. The next major resistance is near the 1.3465 level, above which it could rise steadily toward the 1.3500 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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