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USDCAD Tags Key Resistance- Scalps Look Lower Sub 1.0540

USDCAD Tags Key Resistance- Scalps Look Lower Sub 1.0540

2013-06-24 19:37:00
Michael Boutros, Strategist
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USDCAD Daily Chart

Forex_USDCAD_Tags_Key_Resistance-_Scalps_Look_Lower_Sub_1.0540_body_Picture_2.png, USDCAD Tags Key Resistance- Scalps Look Lower Sub 1.0540

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDCAD has now run into Key Resistance at a 3-way Fib Confluence at 1.0540/45
  • Daily RSI looks to turn over ahead of the 70-threshold- Break of former Resistance to offer trigger
  • Price action today (magnitude of the pullback) suggests markets watching this level
  • Near-term looking sideways-to-lower
  • Medium-term outlook remains bullish above 1.04
  • Note that Friday’s rally took out Trendline resistance dating back to the 2010 high
  • Primary objective 1.04 - Break targets secondary objective at 1.0340
  • Key Events Ahead: US Durable Goods, Consumer Confidence, New Homes Sales Tomorrow – Canada GDP data on Friday

USDCAD Scalp Chart

Forex_USDCAD_Tags_Key_Resistance-_Scalps_Look_Lower_Sub_1.0540_body_Picture_1.png, USDCAD Tags Key Resistance- Scalps Look Lower Sub 1.0540

Scalp Notes: Bottom Line: Although out longer-term bias remains weighted to the topside, this key resistance barrier may offer near-term scalps into near-term support. Medium-term traders will use these pullbacks to initiate new long entries. BE WARNED that this pair is notorious for both sideways price action and shallow pullbacks and scalps should be meticulously booked at the targeted ATR percentage. We will ease up on the shorts as we approach the 1.04 threshold as this region represents key support (origin of the breakout last week) in the near-term with a break and daily close below this mark offering further conviction on a steeper correction.

*We will remain flexible with our bias with a break above 1.0555 eyeing subsequent resistance targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Significance

Bearish Invalidation

Daily / 30min

1.0542- 1.0555

Monthly High / 100% Fib Exts / 88.6% Retrace

Break Target 1

30min

1.0600

Big Figure / Soft Resistance

Break Target 2

Daily

1.0656

2011 High / Pivot

Break Target 3

Daily / 30min

1.0699

138.2% Fibonacci Extension

Support Target 1

Daily / 30min

1.0456

78.6% Fib Ext / 23.6% Retracement

Support Target 2

30min

1.0420

May High / Dec 2011 High / Soft Support

Bullish Invalidation

Daily / 30min

1.0389-1.04

61.8% Fib Ext / 38.2% Retrace

Break Target 1

30min

1.0340-1.0345

50% Fib Ext / 50% Retrace

Break Target 2

30min

1.0290-1.03

38.2% Fib Ext / 61.8% Retrace

Break Target 3

30min

1.0255

Soft Support / Pivot

Break Target 4

30min

1.0232

23.6% Fib Ext / Pivot

Average True Range

Daily

126

Profit Targets 28-30pips

Other Scalp Setups in Play- EUR, GBP to Extend Tumble- Gold Decline Eyes Key Support $1273

Reviews today’s Scalp Webinar for further insights and current trade setups

For updates on this scalp and more setups follow him on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael Tuesday, Wednesday and Thursday mornings for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

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