USD/CAD Daily Chart Outlook
USD/CAD is consolidating and might aim for a move above the 1.3760 resistance zone.
Important Takeaways for USD/CAD Analysis Today
USD/CAD Technical Analysis
On the daily chart of USD/CAD at FXOpen, the pair formed a strong support base above the 1.3180 level. The US Dollar started a fresh increase above the 1.3370 resistance against the Canadian Dollar.
The pair cleared the 50-day simple moving average and climbed above 1.3600. Finally, it tested the 1.3850 zone before there was a downside correction. The pair traded below the 1.3760 support zone. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.3477 swing low to the 1.3845 high.
However, the pair is now stable above 1.3660, and the 50% Fib retracement level of the upward move from the 1.3477 swing low to the 1.3845 high.
There is also a major bullish trend line forming with support at 1.3620. Initial resistance sits near the 1.3760 level. A clear upside break above 1.3760 could start another steady increase. The next major resistance is the 1.3845 level.
A close above the 1.3845 level might send the pair toward the 1.3950 level. Any more gains could open the doors for a test of the 1.4000 region.
Conversely, the pair could start another decline. Initial support is near the 1.3660 level on the same USD/CAD chart. The next major support is near 1.3620. A downside break below the 1.3620 level could push the pair further lower. The next major support is near the 50-day simple moving average, below which the pair might visit 1.3370.
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 consolidating and might aim for a move above the 1.3760 resistance zone.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3660 support zone.
- There is a major bullish trend line forming with support at 1.3620 on the daily chart at FXOpen.
USD/CAD Technical Analysis
On the daily chart of USD/CAD at FXOpen, the pair formed a strong support base above the 1.3180 level. The US Dollar started a fresh increase above the 1.3370 resistance against the Canadian Dollar.
The pair cleared the 50-day simple moving average and climbed above 1.3600. Finally, it tested the 1.3850 zone before there was a downside correction. The pair traded below the 1.3760 support zone. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.3477 swing low to the 1.3845 high.
However, the pair is now stable above 1.3660, and the 50% Fib retracement level of the upward move from the 1.3477 swing low to the 1.3845 high.
There is also a major bullish trend line forming with support at 1.3620. Initial resistance sits near the 1.3760 level. A clear upside break above 1.3760 could start another steady increase. The next major resistance is the 1.3845 level.
A close above the 1.3845 level might send the pair toward the 1.3950 level. Any more gains could open the doors for a test of the 1.4000 region.
Conversely, the pair could start another decline. Initial support is near the 1.3660 level on the same USD/CAD chart. The next major support is near 1.3620. A downside break below the 1.3620 level could push the pair further lower. The next major support is near the 50-day simple moving average, below which the pair might visit 1.3370.
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.