Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account

Resources

USDCAD: Fib Extension Stalls Sellers After Support Break

By , Currency Strategist
19 March 2010 02:40 GMT

USD/CAD

Strategy: Pending Long

USDCAD has broken through support near 1.0230, the intersection of a major double bottom and the lower boundary of a falling channel set from the swing high in February. Sellers were stalled at the 123.6% Fibonacci extension of the 01/14-02/05 rally (1.0090), with prices now re-testing the broken channel bottom. We do not see any actionable trading opportunities here at the moment and will remain on the sidelines until the pair yields a more attractive setup.

031810 CAD


To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

19 March 2010 02:40 GMT