Trade FOREX with FXCM

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

Resources

USDCAD: Trend-Defining Resistance in Play

By , Currency Strategist
07 May 2012 05:55 GMT

Strategy: Pending Long

USDCAD pushed higher after completing a Bullish Engulfing candlestick pattern, taking out support-turned-resistance at a rising trend line set from late February. The pair is now approaching major resistance in the 1.0014-1.0053 area, marked by a horizontal barrier in play since early November 2011 and a bias-defining falling trend line set from last year’s swing high. We will look for a daily close above this region as confirmation of a major bullish reversal to enter long.

USDCAD_Trend-Defining_Resistance_in_Play_body_Picture_5.png, USDCAD: Trend-Defining Resistance in Play

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to 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.

07 May 2012 05:55 GMT