Denis Joeli Fatiaki
Independent Analyst
USD/CAD: The US dollar fails to hold at 1.32765 and headed down to 1.32375/1.32065
What's going on with the USD/CAD?
USD/CAD: The US dollar held on to its position above 1.32765 support in the four hrs price chart and at the bottom of the price channel as indicated in yesterdays session but failed to retain its position and fell to 1.32375 support in this mornigs trades.
My thoughts on what may happen
USD/CAD: The US dollar needs to hold on to its position above 1.32375 support to avoid falling further to 1.32065 support. 1.32765 remains as a crucial resistance point to its future recovery.
Support:1.32375, 1.32065, and 1.31632
Resistance: 1.32765, 1.33168, 1.33475, and1.34055
We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply stop losses to protect your capital, take profit and exit your position.
Chart 1: The short-term view of the USD/CAD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points.
Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0550 amid cautious mood
EUR/USD loses its recovery momentum and trades in a tight range near 1.0550 on Monday. Markets adopt a cautious stance to start the week as geopolitical tensions remain high on Russia-Ukraine headlines, making it difficult for the pair to push higher.
GBP/USD stabilizes above 1.2600 following previous week's drop
GBP/USD defends minor bids above 1.2600 on Monday but struggles to gather recovery momentum as market mood sours. The Bank of England Monetary Policy Hearings and UK inflation data this week could influence Pound Sterling's valuation.
Gold benefits from escalating geopolitical tensions, rises toward $2,600
After suffering large losses in the previous week, Gold gathers recovery momentum and rises toward $2,600 on Monday. In the absence of high-tier data releases, escalating geopolitical tensions help XAU/USD hold its ground.
Bonk holds near record-high as traders cheer hefty token burn
Bonk (BONK) price extends its gains on Monday after surging more than 100% last week and reaching a new all-time high on Sunday. This rally was fueled by the announcement on Friday that BONK would burn 1 trillion tokens by Christmas.
The week ahead: Powell stumps the US stock rally as Bitcoin surges, as we wait Nvidia earnings, UK CPI
The mood music is shifting for the Trump trade. Stocks fell sharply at the end of last week, led by big tech. The S&P 500 was down by more than 2% last week, its weakest performance in 2 months, while the Nasdaq was lower by 3%. The market has now given back half of the post-Trump election win gains.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.