USD/CAD Dips To Support
USD/CAD is correcting gains and approaching the 1.3585 support.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is correcting gains from the 1.3650 resistance zone.
· There is a declining channel or a bullish flag pattern forming with resistance near 1.3620 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair was able to climb above the 1.3550 resistance. However, the US Dollar struggled near 1.3650 against the Canadian Dollar.
A high was formed near 1.3646 and the pair is now correcting gains. There was a move below the 1.3620 support and the 50-hour simple moving average. A low is formed near 1.3595 and the pair is now consolidating.
Immediate resistance is near the 23.6% Fib retracement level of the downward move from the 1.3646 swing high to the 1.3595 low at 1.3608. The next major resistance is near the 50-hour simple moving average.
There is also a declining channel or a bullish flag pattern forming with resistance on the same USD/CAD chart. It is close to the 50% Fib retracement level of the downward move from the 1.3646 swing high to the 1.3595 low.
A close above the 1.3620 level might send the pair toward the 1.3650 level. Any more gains could open the doors for a test of the 1.3700 level.
On the downside, the pair is likely to find bids near 1.3585. The next major support is near the 1.3550 level. A downside break below the 1.3550 support level could push the pair further lower. The next major support is near the 1.3500 zone, below which the pair might revisit the 1.3440 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.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is correcting gains from the 1.3650 resistance zone.
· There is a declining channel or a bullish flag pattern forming with resistance near 1.3620 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair was able to climb above the 1.3550 resistance. However, the US Dollar struggled near 1.3650 against the Canadian Dollar.
A high was formed near 1.3646 and the pair is now correcting gains. There was a move below the 1.3620 support and the 50-hour simple moving average. A low is formed near 1.3595 and the pair is now consolidating.
Immediate resistance is near the 23.6% Fib retracement level of the downward move from the 1.3646 swing high to the 1.3595 low at 1.3608. The next major resistance is near the 50-hour simple moving average.
There is also a declining channel or a bullish flag pattern forming with resistance on the same USD/CAD chart. It is close to the 50% Fib retracement level of the downward move from the 1.3646 swing high to the 1.3595 low.
A close above the 1.3620 level might send the pair toward the 1.3650 level. Any more gains could open the doors for a test of the 1.3700 level.
On the downside, the pair is likely to find bids near 1.3585. The next major support is near the 1.3550 level. A downside break below the 1.3550 support level could push the pair further lower. The next major support is near the 1.3500 zone, below which the pair might revisit the 1.3440 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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