The US Dollar remained in a solid uptrend and it recently traded above the 1.3380 resistance area against the Canadian Dollar. The USD/CAD pair even broke the key 1.3415 resistance and settled above the 50 hourly simple moving average.
During the upside move, there was also a break above an ascending channel with resistance at 1.3430 on the hourly chart. The pair traded towards the 1.3500 level and later corrected lower. It declined below 1.3460 and the 38.2% Fib retracement level of the last wave from the 1.3390 low to 1.3496 high.
However, there are many supports near the 1.3450 and 1.3440 levels. The broken channel and the 50% Fib retracement level of the last wave from the 1.3390 low to 1.3496 high could also act as a decent support.
Overall, the pair is in a positive zone and it may continue to move higher towards 1.3470 or 1.3490 in the near term.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
Recommended Content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.