USD/CAD Faces Key Resistance
USD/CAD is struggling to clear the 1.3650 resistance zone.
Important Takeaways for USD/CAD
· USD/CAD is struggling below the 1.3640 and 1.3650 support levels.
· There is a major bearish trend line forming with resistance near 1.3640 on the hourly chart.
USD/CAD Technical Analysis
The US Dollar gained pace for a move above the 1.3600 resistance zone against the Canadian Dollar. The USD/CAD pair struggled to clear the 1.3650 resistance zone and started a minor downside correction.
A high was formed near 1.3643 and there was a downside correction. The pair declined below the 1.3610 level. Besides, there was a move below the 50% Fib retracement level of the upward move from the 1.3554 swing low to 1.3643 high.
The pair tested the 1.3590 level. It is near the 61.8% Fib retracement level of the upward move from the 1.3554 swing low to 1.3643 high.
On the downside, the pair is likely to find bids near 1.3590. The next major support is near the 1.3560 level. A downside break below 1.3560 support level could push the pair further lower. The next major support is near the 1.3520 zone, below which the pair could even test 1.3480. Any more losses might call for a move to 1.3420.
On the upside, the pair is facing hurdles near 1.3640. There is also a major bearish trend line forming with resistance near 1.3640 on the hourly chart.
The next major resistance is near the 1.3650 level, above which the pair could rise towards the 1.3700 level. Any more gains could send the pair towards the 1.3750 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 struggling below the 1.3640 and 1.3650 support levels.
· There is a major bearish trend line forming with resistance near 1.3640 on the hourly chart.
USD/CAD Technical Analysis
The US Dollar gained pace for a move above the 1.3600 resistance zone against the Canadian Dollar. The USD/CAD pair struggled to clear the 1.3650 resistance zone and started a minor downside correction.
A high was formed near 1.3643 and there was a downside correction. The pair declined below the 1.3610 level. Besides, there was a move below the 50% Fib retracement level of the upward move from the 1.3554 swing low to 1.3643 high.
The pair tested the 1.3590 level. It is near the 61.8% Fib retracement level of the upward move from the 1.3554 swing low to 1.3643 high.
On the downside, the pair is likely to find bids near 1.3590. The next major support is near the 1.3560 level. A downside break below 1.3560 support level could push the pair further lower. The next major support is near the 1.3520 zone, below which the pair could even test 1.3480. Any more losses might call for a move to 1.3420.
On the upside, the pair is facing hurdles near 1.3640. There is also a major bearish trend line forming with resistance near 1.3640 on the hourly chart.
The next major resistance is near the 1.3650 level, above which the pair could rise towards the 1.3700 level. Any more gains could send the pair towards the 1.3750 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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