Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
USD/CAD Stalls At Former High

USD/CAD Stalls At Former High

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/CAD breaks away from triangle pattern
  • 1.2800 and 1.2400 levels look critical

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

After a few stutter steps USD/CAD finally broke out of the consolidation pattern that has defined trading over the past month with a close last Friday above the trendline connecting the late January and February highs. After a quick initial push higher the exchange rate has since stalled after re-testing the year’s high at 1.2797. Hesitation around the old high is not that surprising and weakness could actually even extend down towards the internal trendline around 1.2550 without compromising the integrity of the pattern structure too much. Weakness, however, below 1.2500 would start to be a cause concern while a move under the trendline connecting the February lows near 1.2400 would turn the picture outright negative. A close over 1.2800 is needed to signal that a new leg higher is underway.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

USD/CAD Daily Chart: March 13, 2015

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in the Week Ahead:


Resistance: 1.2797 (YTD high), 1.2930 (Gann)

Support: 1.2630 (Fibonacci), 1.2550 (Internal trendline)

Strategy: Buy USD/CAD

Entry: Buy USD/CAD if it trades down to 1.2550 within the next couple of trading days

Stop: Daily close below 1.2500

Target: 1.2900

--- Written by Kristian Kerr, Senior Currency Strategist for

To contact Kristian, e-mail Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.