Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

by ForexNewsNow Team on November 19th, 2018

Where will the Loonie go? USD/CAD Technical Analysis

The US Dollar started a major downside move from the 1.3260 resistance area against the Canadian Dollar. The USD/CAD pair declined below the 1.3200 support level to enter a short-term bearish zone.
The pair even broke the 1.3150 support and settled below the 50 hourly simple moving average. It traded as low as 1.3126 and later started an upside correction.


The pair recovered above the 1.3150 level and the 23.6% Fib retracement level of the recent decline from the 1.3237 high to 1.3126 low. However, there is a solid resistance waiting on the upside near the 1.3180 level and the 50 hourly SMA.
More importantly, there is a declining channel in place with resistance at 1.3182 on the hourly chart. Therefore, upsides are likely to be capped near 1.3180 and the 50 hourly SMA.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))