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USD/CAD Strategy: Buyers Take Aim Above 1.34 Figure

USD/CAD Strategy: Buyers Take Aim Above 1.34 Figure

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Talking Points:

  • USD/CAD Strategy: Long at 1.3308
  • Prices break near-term down trend, hint dominant trajectory back in play
  • Long position activated, aiming for an initial push to test above 1.34 figure

The US Dollar looks to be resuming the long-term uptrend against Canadian counterpart after putting in the largest daily advance in seven months. Prices have now broke the series of lower highs and lows guiding the pullback since late January, suggesting the time may have turned in the bulls’ favor.

From here, a daily close above the 38.2% Fibonacci expansion at 1.3451 opens the door for at test of the 50% level at 1.3585. Alternatively, a reversal back below the 23.6% Fib at 1.3284 paves the way for another challenge of the 14.6% expansion at 1.3182.

Risk/reward parameters appear acceptable and a long position has been activated at 1.3308, initially targeting 1.3451. A stop-loss will be activated on a daily close below 1.3284.Half of the trade will be closed and the stop moved to breakeven once the first objective is reached.

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