Market Analysis: USD/CAD Remains in Uptrend
Market Analysis: USD/CAD Remains in Uptrend
USD/CAD is rising and might aim for more gains above the 1.3820 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3745 support zone.
- There was a break above a major bearish trend line with resistance at 1.3765 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 1.3600 level. The US Dollar started a fresh increase above the 1.3700 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3750 and 1.3765 levels. Recently, there was a break above a major bearish trend line with resistance at 1.3765 and the 50-hour simple moving average. The pair climbed above the 50% Fib retracement level of the downward move from the 1.3838 swing high to the 1.3746 low.
If there is another increase, the pair might face resistance near the 1.3800 level or the 61.8% Fib retracement level of the downward move from the 1.3838 swing high to the 1.3746 low.
A clear upside break above 1.3800 could start another steady increase. The next major resistance is the 1.3820 level on the same USD/CAD chart. A close above the 1.3820 level might send the pair toward the 1.3840 level. Any more gains could open the doors for a test of the 1.3910 level.
Initial support is near the 1.3780 level. The next major support is 1.3765. The main support sits near the 1.37450 zone. A downside break below the 1.3745 level could push the pair further lower. The next major support is near the 1.3700 support zone, below which the pair might visit 1.3650.
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 more gains above the 1.3820 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.3745 support zone.
- There was a break above a major bearish trend line with resistance at 1.3765 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 1.3600 level. The US Dollar started a fresh increase above the 1.3700 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3750 and 1.3765 levels. Recently, there was a break above a major bearish trend line with resistance at 1.3765 and the 50-hour simple moving average. The pair climbed above the 50% Fib retracement level of the downward move from the 1.3838 swing high to the 1.3746 low.
If there is another increase, the pair might face resistance near the 1.3800 level or the 61.8% Fib retracement level of the downward move from the 1.3838 swing high to the 1.3746 low.
A clear upside break above 1.3800 could start another steady increase. The next major resistance is the 1.3820 level on the same USD/CAD chart. A close above the 1.3820 level might send the pair toward the 1.3840 level. Any more gains could open the doors for a test of the 1.3910 level.
Initial support is near the 1.3780 level. The next major support is 1.3765. The main support sits near the 1.37450 zone. A downside break below the 1.3745 level could push the pair further lower. The next major support is near the 1.3700 support zone, below which the pair might visit 1.3650.
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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