Home USD/CAD Price Analysis: dollar rally capped by trendline resistance at 1.4140
FXStreet News

USD/CAD Price Analysis: dollar rally capped by trendline resistance at 1.4140

FX Street
Published date:
  • USD/CAD’s three-day rally from 1.3900 has been capped by downtrend resistance at 1.4140
  • The pair remains bullish on daily charts, supported by the 20-day SMA at 1.4065.
  • Above 1.4140, next resistance levels would be 1.4175 and 1.4265.

This week’s US dollar rally from 1.3900 has stalled today at 1.4140 and the pair has retreated below 1.4100, turning negative on the day. The USD/CAD, however, remains steady above the main moving average lines, with the 20-day SMA offering support at 1.4065 so far.

The daily chart shows the pair limited below the downward trending resistance line from March 31 highs at 1.4140. A successful break beyond this line would increase bullish pressure on the USD, to target May 7 high at 1.4175 and March 21 high at 14265.

On the downside, below the 20-day SMA at 1.4055, the pair might target 1.3900 (May 11 low) and 1.3855 (April 30 low).

USD/CAD daily chart

USD/CAD daily chart

 

USD/CAD key levels to watch

 

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2026