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USD/CAD Approaching Crucial Break

Currencies / Canadian $ Aug 16, 2018 - 07:31 AM GMT

By: FXOpen

Currencies

The daily chart of USD/CAD indicates a decent uptrend above 1.3000.

Key Points

  • The US Dollar is in a major uptrend with a crucial support at 1.3000 against the Canadian Dollar.
  • A significant contracting triangle is formed with resistance at 1.3150 on the daily chart of USD/CAD.

USD/CAD Technical Analysis

The US Dollar started a major uptrend in April 2018 from the 1.2500 support zone against the Canadian Dollar. The USD/CAD pair jumped above the 1.2800 and 1.3200 resistance levels before topping near the 1.3380 level in June 2018.

The pair started a downside correction and traded below the 1.3100 support level. However, the 1.2950-1.3000 zone acted as a support and prevented further declines. More importantly, there is a key bullish trend line in place with support at 1.3000.


The pair is holding gains above the 1.3000 level and is currently trading below the 50-day simple moving average. During the recent bounce, the pair broke the 38.2% Fib retracement level of the last decline from the 1.3385 high to 1.2962 low.

However, the upside move was capped by the 1.3150 resistance. Moreover, the 50% Fib retracement level of the last decline from the 1.3385 high to 1.2962 low also acted as a resistance.

At the moment, it seems like there is a significant contracting triangle formed with resistance at 1.3150 on the daily chart. A break above the triangle resistance and 1.3200 could open the doors for more gains towards the 1.3300 and 1.3350 levels.

On the flip side, if there is a break and close below 1.2950, the pair could move into a bearish zone. The next supports are positioned near the 1.2850 and 1.2800 levels.

The market outlook is provided by FXOpen broker.
FXOpen - true ECN/STP Forex and cryptocurrency broker.

© 2018 Copyright FXOpen - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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