USD/CAD Weekly Chart Outlook
USD/CAD is consolidating and might rise further toward 1.4000.
Important Takeaways for USD/CAD Analysis
· USD/CAD is facing strong resistance near the 1.3750 zone.
· It is trading inside a key contracting triangle with resistance at 1.3750 on the weekly chart at FXOpen.
USD/CAD Technical Analysis
On the weekly chart of USD/CAD at FXOpen, the pair started a fresh increase from the 1.2400 support. The US Dollar climbed higher above the 1.3000 resistance to move into an uptrend.
The pair even broke the 1.3750 resistance and spiked toward 1.4000. A high was formed near 1.3977 before the pair corrected gains. It is now trading inside a key contracting triangle with resistance at 1.3750.
Immediate support on the USD/CAD chart is near the triangle trend line at 1.3350 and the 50-week simple moving average. The first major support is near the 50% Fib retracement level of the upward move from the 1.2402 swing low to the 1.3977 high at 1.3200.
The next major support is near the 61.8% Fib retracement level of the upward move from the 1.2402 swing low to the 1.3977 high at 1.3000. Any more losses may possibly open the doors for a drop toward the 1.2400 support zone in the medium term.
On the upside, the pair is facing resistance near the 1.3600 zone. The next major resistance is near the 1.3750 level. A clear break above the 1.3750 level could open the doors for more gains. The next major resistance is near the 1.4000 level, above which USD/CAD could rise steadily toward the 1.4200 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
· USD/CAD is facing strong resistance near the 1.3750 zone.
· It is trading inside a key contracting triangle with resistance at 1.3750 on the weekly chart at FXOpen.
USD/CAD Technical Analysis
On the weekly chart of USD/CAD at FXOpen, the pair started a fresh increase from the 1.2400 support. The US Dollar climbed higher above the 1.3000 resistance to move into an uptrend.
The pair even broke the 1.3750 resistance and spiked toward 1.4000. A high was formed near 1.3977 before the pair corrected gains. It is now trading inside a key contracting triangle with resistance at 1.3750.
Immediate support on the USD/CAD chart is near the triangle trend line at 1.3350 and the 50-week simple moving average. The first major support is near the 50% Fib retracement level of the upward move from the 1.2402 swing low to the 1.3977 high at 1.3200.
The next major support is near the 61.8% Fib retracement level of the upward move from the 1.2402 swing low to the 1.3977 high at 1.3000. Any more losses may possibly open the doors for a drop toward the 1.2400 support zone in the medium term.
On the upside, the pair is facing resistance near the 1.3600 zone. The next major resistance is near the 1.3750 level. A clear break above the 1.3750 level could open the doors for more gains. The next major resistance is near the 1.4000 level, above which USD/CAD could rise steadily toward the 1.4200 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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