USD/CAD Trims Gains
USD/CAD is correcting gains and trading below the 1.3655 support.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD declined below the 1.3655 and 1.3615 support levels.
· A connecting bearish trend line is forming with resistance near 1.3615 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3700 resistance zone. The US Dollar gained bearish momentum below the 1.3655 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3615. It seems like the pair is now moving lower toward the 1.3585 support. If there is a recovery wave, the pair could face resistance near a connecting bearish trend line at 1.3615.
The trend line coincides with the 23.6% Fib retracement level of the recent decline from the 1.3694 swing high to the 1.3594 low. The next key resistance on the USD/CAD chart is near the 50-hour simple moving average at 1.3655.
The 61.85 Fib retracement level of the recent decline from the 1.3694 swing high to the 1.3594 low is also near 1.3655. If there is an upside break above 1.3655, the pair could rise toward the 1.3700 resistance.
The next major resistance is near the 1.3720 level, above which it could rise steadily toward the 1.3785 resistance zone. Conversely, it could continue to move down.
Immediate support is near 1.3585. The first major support is near 1.3560. A close below the 1.3560 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3500. Any more losses may possibly open the doors for a drop toward the 1.3450 support.
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.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD declined below the 1.3655 and 1.3615 support levels.
· A connecting bearish trend line is forming with resistance near 1.3615 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair started a fresh decline from the 1.3700 resistance zone. The US Dollar gained bearish momentum below the 1.3655 support against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3615. It seems like the pair is now moving lower toward the 1.3585 support. If there is a recovery wave, the pair could face resistance near a connecting bearish trend line at 1.3615.
The trend line coincides with the 23.6% Fib retracement level of the recent decline from the 1.3694 swing high to the 1.3594 low. The next key resistance on the USD/CAD chart is near the 50-hour simple moving average at 1.3655.
The 61.85 Fib retracement level of the recent decline from the 1.3694 swing high to the 1.3594 low is also near 1.3655. If there is an upside break above 1.3655, the pair could rise toward the 1.3700 resistance.
The next major resistance is near the 1.3720 level, above which it could rise steadily toward the 1.3785 resistance zone. Conversely, it could continue to move down.
Immediate support is near 1.3585. The first major support is near 1.3560. A close below the 1.3560 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3500. Any more losses may possibly open the doors for a drop toward the 1.3450 support.
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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