Market Analysis: USD/CAD Grinds Higher
USD/CAD is rising and might aim for more gains above the 1.3330 resistance.
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 above the 1.3175 level. The US Dollar started a fresh increase above the 1.3220 resistance against the Canadian Dollar.
There was a break above a major bearish trend line with resistance near 1.3260. The pair cleared the 50-hour simple moving average and climbed above 1.3300. There was a move above the 61.8% Fib retracement level of the main decline from the 1.3371 swing high to the 1.3177 low.
It is now consolidating near the 76.4% Fib retracement level of the main decline from the 1.3371 swing high to the 1.3177 low. Initial resistance sits near the 1.3330 zone.
A clear upside break above 1.3330 could start another steady increase. The next major resistance is the 1.3370 level. A close above the 1.3370 level might send the pair towards the 1.3850 level. Any more gains could open the doors for a test of the 1.3940 level.
Initial support is near the 50-hour simple moving average and 1.3260. The next major support is near 1.3220 on the same USD/CAD chart.
The main support sits near 1.3175. A downside break below this level could push the pair further lower. The next major support is near the 1.3140 support zone, below which the pair might visit 1.3080.
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 showing positive signs above the 1.3260 support zone.
- There was a break above a major bearish trend line with resistance near 1.3260 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 above the 1.3175 level. The US Dollar started a fresh increase above the 1.3220 resistance against the Canadian Dollar.
There was a break above a major bearish trend line with resistance near 1.3260. The pair cleared the 50-hour simple moving average and climbed above 1.3300. There was a move above the 61.8% Fib retracement level of the main decline from the 1.3371 swing high to the 1.3177 low.
It is now consolidating near the 76.4% Fib retracement level of the main decline from the 1.3371 swing high to the 1.3177 low. Initial resistance sits near the 1.3330 zone.
A clear upside break above 1.3330 could start another steady increase. The next major resistance is the 1.3370 level. A close above the 1.3370 level might send the pair towards the 1.3850 level. Any more gains could open the doors for a test of the 1.3940 level.
Initial support is near the 50-hour simple moving average and 1.3260. The next major support is near 1.3220 on the same USD/CAD chart.
The main support sits near 1.3175. A downside break below this level could push the pair further lower. The next major support is near the 1.3140 support zone, below which the pair might visit 1.3080.
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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