USD/CAD Faces Hurdle
USD/CAD is struggling and might decline further below the 1.3310 support.
Important Takeaways for USD/CAD Analysis Today
· USD/CAD is correcting losses from the 1.3310 support zone.
· There is a major bearish trend line forming with resistance near 1.3350 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair failed to climb above the 1.3450 resistance. The US Dollar started a major decline below the 1.3400 level against the Canadian Dollar.
The pair gained bearish momentum below the 1.3370 support and the 50-hour simple moving average. A low is formed near 1.3313 and the pair is now attempting an upside correction. It is now consolidating near the 1.3350 resistance and the 23.6% Fib retracement level of the downward move from the 1.3461 swing high to the 1.3312 low.
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There is also a major bearish trend line forming with resistance near 1.3350 on the same USD/CAD chart. The next major resistance is the 50% Fib retracement level of the downward move from the 1.3461 swing high to the 1.3312 low at 1.3390.
A close above the 1.3390 level might send the pair toward the 1.3450 level. Any more gains could open the doors for a test of the 1.3500 level.
On the downside, the pair is likely to find bids near 1.3335. The next major support is near the 1.3310 level. A downside break below the 1.3310 support level could push the pair further lower. The next major support is near the 1.3260 zone, below which the pair might revisit the 1.3220 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 losses from the 1.3310 support zone.
· There is a major bearish trend line forming with resistance near 1.3350 on the hourly chart at FXOpen.
USD/CAD Technical Analysis
On the hourly chart of USD/CAD at FXOpen, the pair failed to climb above the 1.3450 resistance. The US Dollar started a major decline below the 1.3400 level against the Canadian Dollar.
The pair gained bearish momentum below the 1.3370 support and the 50-hour simple moving average. A low is formed near 1.3313 and the pair is now attempting an upside correction. It is now consolidating near the 1.3350 resistance and the 23.6% Fib retracement level of the downward move from the 1.3461 swing high to the 1.3312 low.
[img]
There is also a major bearish trend line forming with resistance near 1.3350 on the same USD/CAD chart. The next major resistance is the 50% Fib retracement level of the downward move from the 1.3461 swing high to the 1.3312 low at 1.3390.
A close above the 1.3390 level might send the pair toward the 1.3450 level. Any more gains could open the doors for a test of the 1.3500 level.
On the downside, the pair is likely to find bids near 1.3335. The next major support is near the 1.3310 level. A downside break below the 1.3310 support level could push the pair further lower. The next major support is near the 1.3260 zone, below which the pair might revisit the 1.3220 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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