USD/CAD: US dollar consolidates at 1.34075 and 1.33775

Denis Joeli Fatiaki Independent Analyst

USD/CAD: US dollar consolidates at 1.34075 and 1.33775

What is going on now with USD/CAD?

USD/CAD: The US dollar held on to its position above 1.33025 in yesterdays trades and advanced to 1.34075. The pair has been consolidating at 1.34075 and 1.33775 for the past 12 hours and could break out soon.

Our forecast

USD/CAD: The US dollar currently trades at 1.30456 and needs to break and hold above 1.34075 to continue to 1.34230 and 1.34455. The pair could pull back to 1.33530 and 1.33315 if it fails to hold at 1.33775

Support/short target - 1.33775, 1.33530, 1.33315, and 1.33160

Resistance/Long Target- 1.34075, 1.34230, and 1.34455

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

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.

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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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