USD/CAD technical analysis: The pair may move higher towards the 1.3320 level

FXOpen Broker Team FXOpen

The US Dollar formed a solid support near the 1.3180 and later climbed higher against the Canadian Dollar. The USD/CAD pair gained traction above the 1.3210 resistance and moved into a positive zone.

During the upside, there was a break above a major bearish trend line with resistance at 1.3220 on the hourly chart. The pair later settled above the 1.3240 and the 50 hourly simple moving average.

At the moment, the pair is trading near the 1.236 Fib extension level of the last decline from the 1.3258 high to 1.3182 low. A break above the 1.3280 and 1.3290 levels may push the price towards the 1.3320 level.

On the downside, there are many supports near the 1.3265 and 1.3250 levels. The main support is near the 1.3240 level and the 50 hourly simple moving average.

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FXOpen Broker Team

FXOpen

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