Market Analysis: USD/CAD Aims Higher
Market Analysis: USD/CAD Aims Higher
USD/CAD is rising and might aim for a move above the 1.3580 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 1.3490 level. The US Dollar started a fresh increase above the 1.3530 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3580. Finally, it tested the 1.3600 zone before there was a downside correction. The pair traded below the 1.3580 support zone.
It tested the 1.3545 support zone and the 50% Fib retracement level of the upward move from the 1.3485 swing low to the 1.3605 high.
Initial resistance sits near the 1.3580 level and the 50-hour simple moving average. There is also a contracting triangle forming with resistance near 1.3580. A clear upside break above 1.3580 could start another steady increase.
The next major resistance is the 1.3605 level. A close above the 1.3605 level might send the pair toward the 1.3650 level. Any more gains could open the doors for a test of the 1.3685 level.
Conversely, the pair could start another decline. Initial support is near the 1.3545 level on the same USD/CAD chart. The next major support is near 1.3530. A downside break below the 1.3530 level could push the pair further lower. The next major support is near the 1.3490 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.
USD/CAD is rising and might aim for a move above the 1.3580 resistance zone.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3545 support zone.
- There is a contracting triangle forming with resistance near 1.3580 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 1.3490 level. The US Dollar started a fresh increase above the 1.3530 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3580. Finally, it tested the 1.3600 zone before there was a downside correction. The pair traded below the 1.3580 support zone.
It tested the 1.3545 support zone and the 50% Fib retracement level of the upward move from the 1.3485 swing low to the 1.3605 high.
Initial resistance sits near the 1.3580 level and the 50-hour simple moving average. There is also a contracting triangle forming with resistance near 1.3580. A clear upside break above 1.3580 could start another steady increase.
The next major resistance is the 1.3605 level. A close above the 1.3605 level might send the pair toward the 1.3650 level. Any more gains could open the doors for a test of the 1.3685 level.
Conversely, the pair could start another decline. Initial support is near the 1.3545 level on the same USD/CAD chart. The next major support is near 1.3530. A downside break below the 1.3530 level could push the pair further lower. The next major support is near the 1.3490 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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