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HomeContributorsTechnical AnalysisUSD/CAD Correcting Gains from 1.2787 High

USD/CAD Correcting Gains from 1.2787 High

FXOpen
By FXOpen

The US Dollar started a steady increase from the 1.2650 support zone against the Canadian Dollar. The USD/CAD pair gained pace for a move above the 1.2700 level.

The pair even cleared the 1.2740 level and settled above the 50 hourly simple moving average. A high was formed near 1.2787 and the pair is now correcting gains. An immediate support is near 1.2725 on FXOpen.

The next major support is near the 1.2710 level and the 50 hourly simple moving average. Any more losses might call for a move towards the 1.2650 support zone.

On the upside, the pair is facing resistance near a connecting bearish trend line at 1.2740 on the hourly chart. If there is a clear upside break, USD/CAD might start a steady increase towards the 1.2785 and 1.2800 levels in the near term.

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