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DailyFX Home / Analyst Picks / Ilya Spivak

Forex Strategy: USD/CAD Long Trade in Play

By , Currency Strategist
16 April 2014 13:00 GMT

The US Dollar started to rise against its Canadian counterpart as expected after prices completed a Bullish Engulfing candlestick pattern. The pair is edging toward resistance in the 1.1017-42 area, marked by the 14.6% Fibonacci expansion and a rising trend line set from mid-January. A break above this threshold on a daily closing basis initially exposes the 23.6% Fib at 1.1116. Near-term support remains at 1.0857, the April 9 low.

I entered long USD/CAD at 1.0935 continue to hold the trade. A stop-loss is set to trigger on a daily close below 1.0857. Profit on half of the position is to be booked and the stop-loss trailed to breakeven at 1.1017.

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16 April 2014 13:00 GMT