USD/CAD: The US dollar failed to hold at 1.32765 and headed down to 1.32375/1.32065

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

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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