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USD/CAD Strategy: Long Trade Established Above 1.30

USD/CAD Strategy: Long Trade Established Above 1.30

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Long at 1.3060
  • Canadian Dollar down trend may be resuming after break of 1.30
  • Long position entered, targeting Fib resistance above 1.33 figure

The US Dollar extended upward to the highest level since early April against its Canadian counterpart, establishing a foothold above the 1.30 figure. The move hints that a break above three-month trend line resistance secured in early May could be poised for follow-through after a brief pullback.

The next major level of resistance comes in at 1.3312, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.3575. Alternatively, a reversal below the 1.2965-87 area (horizontal pivot, 23.6% Fib) targets a support shelf at 1.2744.

The chart setup appears to be aligning with the expected 2016 fundamental trajectory and a long position has been triggered at 1.3060. The trade initially targets 1.3312 and carries a stop-loss to be triggered on a daily close below 1.2935. Half of the trade will be booked and stop-loss moved to breakeven when the first objective is met.

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