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USD/CAD Reaches Support on Retracement

USD/CAD Reaches Support on Retracement

Walker England, Forex Trading Instructor


Market Condition: USD/CAD Retracement

Target 1: Half Retracement 1.3391

Target 2:Previous High 1.3588

USD/CAD Daily Trendline & Retracement

(Created Using TradingView Charts)

The USD/CAD is finding technical support above an ascending daily trend line that has recently been established by connecting a series of higher lows on the daily chart above. This value has also been met with a secondary value of support measured by a 61.8% Fibonacci retracement of the pair’s previous trend higher. If prices remain supported here, it may allow traders an opportunity to trade a retracement and join an ongoing uptrend. Traders looking for a bounce near present market prices may opt to target the previous high of 1.3588, or divide the distance from today’s low in half to find preliminary targets near 1.3391.

While it remains possible that support may fail, traders may consider preparing for an invalidation beneath today’s daily low of 1.3195. At that point, the USD/CAD would be making lower lows and would suggest that the pair may be attempting to trend lower.

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