Home USD/CAD technical analysis: 1.3480/85 acts as immediate upside barrier to aim for 1.3520
FXStreet News

USD/CAD technical analysis: 1.3480/85 acts as immediate upside barrier to aim for 1.3520

  • A week-long horizontal area limits the pair’s immediate rise.
  • Short-term ascending triangle also plays its role.

Despite witnessing failures to cross 1.3480/85 resistance-region, the USD/CAD pair still trades beyond 23.6% Fibonacci retracement near 1.3477 during early Monday.

With the pair’s sustained trading beyond 23.6% Fibonacci retracement of April 17 to 24 upside, chances of its further run-up are bright.

However, sustained break of 1.3485 becomes pre-requisite for the quote to aim for 1.3500 and then to April month highs near 1.3520.

Should there be increased buying beyond 1.3520, 61.8% Fibonacci expansion of its latest moves near 1.3530, followed by an ascending trend-line joining highs since January 07, at 1.3540, can please buyers?

Meanwhile, 23.6% Fibonacci retracement level of 1.3460 adjacent to 1.3445 and 1.3420 can entertain short-term sellers ahead of challenging them with a fortnight old upward sloping support-line, at 1.3395.

Additional selling pressure under 1.3395 confirms the ascending triangle break and may open the door for the pair’s slip towards 1.3335/30 horizontal-support.

USD/CAD hourly chart

Trend: Positive

 

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.