Market Analysis: USD/CAD Regains Strength
Market Analysis: USD/CAD Regains Strength
USD/CAD is rising and might aim for more gains above the 1.4100 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.4000 support zone.
- There is a connecting bullish trend line forming with support at 1.4040 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 1.3840 level. The US Dollar started a fresh increase above the 1.3930 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3980 and 1.4000 levels. The pair cleared the 50-hour simple moving average and climbed above 1.4040. A high was formed at 1.4105 and the pair recently corrected some gains.
There was a move toward the 23.6% Fib retracement level of the upward move from the 1.3930 swing low to the 1.4105 high. Initial support is near the 1.4065 level.
The next major support is near a major bullish trend line at 1.4040. The main support sits near the 1.4000 zone on the same USD/CAD chart. It is close to the 61.8% Fib retracement level of the upward move from the 1.3930 swing low to the 1.4105 high.
A downside break below the 1.4000 level could push the pair further lower. The next major support is near the 1.3930 support zone, below which the pair might visit 1.3840.
If there is another increase, the pair might face resistance near the 1.4105 level. A clear upside break above 1.4105 could start another steady increase. The next major resistance is the 1.4150 level.
A close above the 1.4150 level might send the pair toward the 1.4200 level. Any more gains could open the doors for a test of the 1.4280 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 1.4100 resistance.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD is showing positive signs above the 1.4000 support zone.
- There is a connecting bullish trend line forming with support at 1.4040 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 1.3840 level. The US Dollar started a fresh increase above the 1.3930 resistance against the Canadian Dollar.
The bulls pushed the pair above the 1.3980 and 1.4000 levels. The pair cleared the 50-hour simple moving average and climbed above 1.4040. A high was formed at 1.4105 and the pair recently corrected some gains.
There was a move toward the 23.6% Fib retracement level of the upward move from the 1.3930 swing low to the 1.4105 high. Initial support is near the 1.4065 level.
The next major support is near a major bullish trend line at 1.4040. The main support sits near the 1.4000 zone on the same USD/CAD chart. It is close to the 61.8% Fib retracement level of the upward move from the 1.3930 swing low to the 1.4105 high.
A downside break below the 1.4000 level could push the pair further lower. The next major support is near the 1.3930 support zone, below which the pair might visit 1.3840.
If there is another increase, the pair might face resistance near the 1.4105 level. A clear upside break above 1.4105 could start another steady increase. The next major resistance is the 1.4150 level.
A close above the 1.4150 level might send the pair toward the 1.4200 level. Any more gains could open the doors for a test of the 1.4280 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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