USD/CAD Visits Key Support
USD/CAD corrected gains and now trading near a key support at 1.3720.
Important Takeaways for USD/CAD
· USD/CAD is correcting gains from the 1.3800 resistance zone.
· There was a break above a major bearish trend line with resistance near 1.3730 on the hourly chart.
USD/CAD Technical Analysis
The US Dollar gained pace for a move above the 1.3680 resistance zone against the Canadian Dollar. The USD/CAD pair struggled to clear the 1.3800 resistance zone and started a minor downside correction.
During the increase, there was a break above a major bearish trend line with resistance near 1.3730 on the hourly chart. A high was formed near 1.3804 and there was a downside correction. The pair declined below the 1.3750 level.
USD/CAD Hourly Chart
Besides, there was a move below the 38.2% Fib retracement level of the upward move from the 1.3630 swing low to 1.3804 high.
The pair tested the 1.3730 level and the broken trend line. On the downside, the pair is likely to find bids near 1.3715. It is near the 50% Fib retracement level of the upward move from the 1.3630 swing low to 1.3804 high.
The next major support is near the 1.3680 level. A downside break below 1.3680 support level could push the pair further lower. The next major support is near the 1.3650 zone, below which the pair could even test 1.3620.
On the upside, the pair is facing hurdles near 1.3750. The next major resistance is near the 1.3800 level, above which the pair could rise towards the 1.3840 level. Any more gains could send the pair towards the 1.3920 level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for USD/CAD
· USD/CAD is correcting gains from the 1.3800 resistance zone.
· There was a break above a major bearish trend line with resistance near 1.3730 on the hourly chart.
USD/CAD Technical Analysis
The US Dollar gained pace for a move above the 1.3680 resistance zone against the Canadian Dollar. The USD/CAD pair struggled to clear the 1.3800 resistance zone and started a minor downside correction.
During the increase, there was a break above a major bearish trend line with resistance near 1.3730 on the hourly chart. A high was formed near 1.3804 and there was a downside correction. The pair declined below the 1.3750 level.
USD/CAD Hourly Chart
Besides, there was a move below the 38.2% Fib retracement level of the upward move from the 1.3630 swing low to 1.3804 high.
The pair tested the 1.3730 level and the broken trend line. On the downside, the pair is likely to find bids near 1.3715. It is near the 50% Fib retracement level of the upward move from the 1.3630 swing low to 1.3804 high.
The next major support is near the 1.3680 level. A downside break below 1.3680 support level could push the pair further lower. The next major support is near the 1.3650 zone, below which the pair could even test 1.3620.
On the upside, the pair is facing hurdles near 1.3750. The next major resistance is near the 1.3800 level, above which the pair could rise towards the 1.3840 level. Any more gains could send the pair towards the 1.3920 level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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