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USD/CAD Outlook: The Pair Is Consolidating Gains

FXOpen
By FXOpen

The US Dollar climbed higher nicely before it found resistance near the 1.3325 level against the Canadian Dollar. The USD/CAD pair started a downside correction and tested the 1.3250 support area.

A low was formed near the 1.3254 level and the pair climbed back above the 1.3280 resistance on FXOpen plus the 50 hourly simple moving average. Moreover, there was a break above the 50% Fib retracement level of the recent decline from the 1.3324 high to 1.3254 low.

At the moment, the pair is consolidating gains and it seems like it is likely to continue higher. An immediate resistance is near the 1.3300 level, above which USD/CAD could retest the 1.3325 resistance area.

Conversely, if the pair fails to climb above 1.3300, there could be a minor dip towards the 1.3280 level before the bulls return into the action.

FXOpen
FXOpenhttps://www.fxopen.com/
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