USD/CAD Grinds Higher
USD/CAD is rising and might aim for a move above the 1.3720 resistance zone.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is showing positive signs above the 1.3670 support zone.
· There is a bullish flag pattern forming with resistance near 1.3720 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 1.3600 level. The US Dollar started a fresh increase above the 1.3670 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3720. Finally, it tested the 1.3735 zone before there was a drop toward 1.3670. The pair traded as low as 1.3669 and it is again moving higher.
There was a move above the 50% Fib retracement level of the downside correction from the 1.3734 swing high to the 1.3669 low. There is also a bullish flag pattern forming with resistance near 1.3720.
Initial resistance sits near the 76.4% Fib retracement level of the downside correction from the 1.3734 swing high to the 1.3669 low at 1.3720. A clear upside break above 1.3720 could start another steady increase.
The next major resistance is the 1.3735 level. A close above the 1.3735 level might send the pair toward the 1.3800 level. Any more gains could open the doors for a test of the 1.3840 level.
Conversely, the pair could start another decline. Initial support is near the 1.3710 level on the same USD/CAD chart. The next major support is near 1.3670. A downside break below the 1.3670 level could push the pair further lower. The next major support is near the 1.3600 support zone, below which the pair might visit 1.3550.
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 is showing positive signs above the 1.3670 support zone.
· There is a bullish flag pattern forming with resistance near 1.3720 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 1.3600 level. The US Dollar started a fresh increase above the 1.3670 resistance against the Canadian Dollar.
The pair cleared the 50-hour simple moving average and climbed above 1.3720. Finally, it tested the 1.3735 zone before there was a drop toward 1.3670. The pair traded as low as 1.3669 and it is again moving higher.
There was a move above the 50% Fib retracement level of the downside correction from the 1.3734 swing high to the 1.3669 low. There is also a bullish flag pattern forming with resistance near 1.3720.
Initial resistance sits near the 76.4% Fib retracement level of the downside correction from the 1.3734 swing high to the 1.3669 low at 1.3720. A clear upside break above 1.3720 could start another steady increase.
The next major resistance is the 1.3735 level. A close above the 1.3735 level might send the pair toward the 1.3800 level. Any more gains could open the doors for a test of the 1.3840 level.
Conversely, the pair could start another decline. Initial support is near the 1.3710 level on the same USD/CAD chart. The next major support is near 1.3670. A downside break below the 1.3670 level could push the pair further lower. The next major support is near the 1.3600 support zone, below which the pair might visit 1.3550.
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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