Market Analysis: USD/CAD Slides Further
Market Analysis: USD/CAD Slides Further
USD/CAD declined and is now consolidating losses below 1.3800.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD started a fresh decline after it failed to stay above 1.3800.
- There is a connecting bearish trend line with resistance at 1.3780 on the hourly chart.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD, the pair climbed toward 1.3880 before the bears appeared. The US Dollar formed a swing high near 1.3872 and recently declined below 1.3800 against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3780. The bulls are now active near 1.3730, but they might fail to protect more losses. If there is an upside correction, the pair could face resistance near 1.3780 and a connecting bearish trend line.
An upside break above the trend line might send the pair toward the 50% Fib retracement level of the downward move from the 1.3872 swing high to the 1.3730 low.
The next key hurdle on the USD/CAD chart is near the 61.8% Fib retracement at 1.3815. If there is a close above 1.3815, the pair could rise toward 1.3870. The next major sell zone is 1.3900, above which it could rise steadily toward the 1.4000 handle.
Immediate support is near the 1.3750 level. The first major area of interest for the bulls could be 1.3730. A close below the 1.3730 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3650. Any more losses may possibly open the doors for a drop toward 1.3600.
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 declined and is now consolidating losses below 1.3800.
Important Takeaways for USD/CAD Analysis Today
- USD/CAD started a fresh decline after it failed to stay above 1.3800.
- There is a connecting bearish trend line with resistance at 1.3780 on the hourly chart.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD, the pair climbed toward 1.3880 before the bears appeared. The US Dollar formed a swing high near 1.3872 and recently declined below 1.3800 against the Canadian Dollar.
There was also a close below the 50-hour simple moving average and 1.3780. The bulls are now active near 1.3730, but they might fail to protect more losses. If there is an upside correction, the pair could face resistance near 1.3780 and a connecting bearish trend line.
An upside break above the trend line might send the pair toward the 50% Fib retracement level of the downward move from the 1.3872 swing high to the 1.3730 low.
The next key hurdle on the USD/CAD chart is near the 61.8% Fib retracement at 1.3815. If there is a close above 1.3815, the pair could rise toward 1.3870. The next major sell zone is 1.3900, above which it could rise steadily toward the 1.4000 handle.
Immediate support is near the 1.3750 level. The first major area of interest for the bulls could be 1.3730. A close below the 1.3730 level might trigger a strong decline. In the stated case, USD/CAD might test 1.3650. Any more losses may possibly open the doors for a drop toward 1.3600.
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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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.