Market Analysis: USD/CAD Builds on Gains
Market Analysis: USD/CAD Builds on Gains
USD/CAD is rising and might aim for more gains above the 1.4245 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.4200 support zone.
- There is a contracting triangle forming with resistance at 1.4245 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 1.4100 level. The US Dollar started a fresh increase above the 1.4165 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.4200 and 1.4215 levels. The pair cleared the 50-hour simple moving average and climbed above 1.4240. A high was formed at 1.4245 and the pair recently corrected some gains.
There was a move toward the 23.6% Fib retracement level of the upward move from the 1.4119 swing low to the 1.4245 high. Initial support is near the 1.4215 level.
The next major support is near the 1.4195 level. The main support sits near the 1.4165 zone on the same USD/CAD chart. It is close to the 61.8% Fib retracement level of the upward move from the 1.4119 swing low to the 1.4245 high.
A downside break below the 1.4165 level could push the pair further lower. The next major support is near the 1.4120 support zone, below which the pair might visit 1.4050.
If there is another increase, the pair might face resistance near the 1.4245 level. A clear upside break above 1.4245 could start another steady increase. The next major resistance is the 1.4320 level.
A close above the 1.4320 level might send the pair toward the 1.4365 level. Any more gains could open the doors for a test of the 1.4420 level.
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 1.4245 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.4200 support zone.
- There is a contracting triangle forming with resistance at 1.4245 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 1.4100 level. The US Dollar started a fresh increase above the 1.4165 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.4200 and 1.4215 levels. The pair cleared the 50-hour simple moving average and climbed above 1.4240. A high was formed at 1.4245 and the pair recently corrected some gains.
There was a move toward the 23.6% Fib retracement level of the upward move from the 1.4119 swing low to the 1.4245 high. Initial support is near the 1.4215 level.
The next major support is near the 1.4195 level. The main support sits near the 1.4165 zone on the same USD/CAD chart. It is close to the 61.8% Fib retracement level of the upward move from the 1.4119 swing low to the 1.4245 high.
A downside break below the 1.4165 level could push the pair further lower. The next major support is near the 1.4120 support zone, below which the pair might visit 1.4050.
If there is another increase, the pair might face resistance near the 1.4245 level. A clear upside break above 1.4245 could start another steady increase. The next major resistance is the 1.4320 level.
A close above the 1.4320 level might send the pair toward the 1.4365 level. Any more gains could open the doors for a test of the 1.4420 level.
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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