USD/CAD: The US dollar looks for support at 1.32765

Denis Joeli Fatiaki Independent Analyst

USD/CAD: The US dollar looks for support at 1.32765

What's going on with the USD/CAD?

USD/CAD: The US dollar has reached two important technical points which might change the direction of the trend. The pair is now holding on to its trading position above its 500 EMA in the 4 hrs chart at 1.32765 and also at the bottom of the price channel.

My thoughts on what may happen

USD/CAD: The US dollar needs to hold its position above its 500 EMA at 1.32765 on the four hours price chart to head back up. The pair could continue further down to 1.32375 and 1.32065 if it fails at 1.32765

Support: 1.32765, 1.32375, 1.32065, and 1.31632

Resistance: 1.33168, 1.33475, 1.34055, and 1.34615

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

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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