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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
USD/CAD Breakout

USD/CAD Breakout

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Six year high in USD/CAD
  • Nearing key Fibonacci/Gann convergence

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

USD/CAD cleared the March high around 1.2830 this week to trade at its highest level since March of 2009. A weekly close above 1.2830 (which looks likely) will further confirm the breakout in the exchange rate and set the stage for a more important run higher in the weeks ahead. Psychological resistance is to be expected around 1.3000, but a convergence of the 127% extension of the March – May decline and a Gann angle line related to the 2013 low around 1.3080 looks to be a more important upside attraction/pivot for Funds in the near-term. A rate-of-change (ROC) divergence on the daily is a minor negative, but also offset somewhat by surging daily OBV (On-Balance-Volume). A daily close under 1.2830 would be concerning, but only aggressive weakness under 1.2650 would warn of a false break to the upside and turn the technical outlook outright negative.

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: July 17, 2015

Charts Created using Marketscope – Prepared by Kristian Kerr

LEVELS TO WATCH

Resistance: 1.3000 (Psychological), 1.3080 (Fibonacci)

Support: 1.2830 (March high) 1.2650 (Fibonacci)

Strategy: Buy USD/CAD

Entry: Buy USD/CAD at 1.2895

Stop: Daily close below 1.2830

Target: Open

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

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

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

DISCLOSURES