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USD/CAD Outlook: The Pair Is Facing A Connecting Bearish Trend Line At 1.4100

FXOpen
By FXOpen

The US Dollar declined below the 1.4200 and 1.4150 support levels against the Canadian Dollar. The USD/CAD pair tested the 1.4000 support zone on FXOpen and recently started an upside correction.

The pair recovered above the 1.4050 level, but it faced a strong resistance near the 1.4120 level. It seems like the pair is facing hurdles near the 50 hourly simple moving average and a connecting bearish trend line at 1.4100 on the hourly chart.

Moreover, the pair failed to clear the 50% Fib retracement level of the downward move from the 1.4198 high to 1.4000 low. It is currently declining and showing bearish signs below 1.4060.

If it breaks the 1.4050 support, it could revisit the 1.4000 support. Conversely, the pair could rally above the 1.4100 resistance and the 50 hourly SMA to start a sustained upward move towards 1.4200.

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