USD/CAD Holds Support
USD/CAD is holding gains above 1.3560 and might start another increase.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is correcting gains from the 1.3640 resistance zone.
· There is a key bullish trend line forming with support near 1.3585 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 1.3510 level. The US Dollar started a fresh increase above the 1.3560 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average to set the tone for a sustained upward move. Finally, the bears appeared near the 1.3640 zone.
A high was formed near 1.3639 and the pair recently corrected lower. It declined below the 23.6% Fib retracement level of the upward move from the 1.3507 swing low to the 1.3639 high. It is now trading above the 50-hour simple moving average.
There is also a key bullish trend line forming with support near 1.3585. If the pair stays above the trend line, it could start another increase.
Initial resistance sits at 1.3610. 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 1.3720 level. Any more gains could open the doors for a test of the 1.3800 level.
Conversely, the pair could continue to move down. Initial support is near the 1.3585 level and connecting bullish trend line on the same USD/CAD chart. The next major support is near the 61.8% Fib retracement level of the upward move from the 1.3507 swing low to the 1.3639 high at 1.3560.
A downside break below the 1.3560 level could push the pair further lower. The next major support is near the 1.3510 support zone, below which the pair might visit 1.3450.
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 is correcting gains from the 1.3640 resistance zone.
· There is a key bullish trend line forming with support near 1.3585 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 1.3510 level. The US Dollar started a fresh increase above the 1.3560 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average to set the tone for a sustained upward move. Finally, the bears appeared near the 1.3640 zone.
A high was formed near 1.3639 and the pair recently corrected lower. It declined below the 23.6% Fib retracement level of the upward move from the 1.3507 swing low to the 1.3639 high. It is now trading above the 50-hour simple moving average.
There is also a key bullish trend line forming with support near 1.3585. If the pair stays above the trend line, it could start another increase.
Initial resistance sits at 1.3610. 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 1.3720 level. Any more gains could open the doors for a test of the 1.3800 level.
Conversely, the pair could continue to move down. Initial support is near the 1.3585 level and connecting bullish trend line on the same USD/CAD chart. The next major support is near the 61.8% Fib retracement level of the upward move from the 1.3507 swing low to the 1.3639 high at 1.3560.
A downside break below the 1.3560 level could push the pair further lower. The next major support is near the 1.3510 support zone, below which the pair might visit 1.3450.
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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