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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • UK PM Johnson says virus restrictions likely to last 6-months $GBP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDn8ejP https://t.co/CjCiVL0C9q
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/S9CEcBm5Qe https://t.co/0gQ60Dd1S5
  • Optimism $GBP https://t.co/UjSo3Dpthr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.44%, while traders in NZD/USD are at opposite extremes with 70.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/n7ePyLk3EB
  • Heads Up:🇧🇷 BCB Copom Meeting Minutes due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.13% Gold: -0.34% Silver: -1.88% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1fgVHj1F6Z
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇳🇿NZD: 0.01% 🇨🇦CAD: -0.03% 🇨🇭CHF: -0.17% 🇬🇧GBP: -0.19% 🇪🇺EUR: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2CA80kFhl2
  • Coming up at half past the hour. Do join me if you can, using the link below https://t.co/RAiCJNLuSC
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.18% FTSE 100: 0.49% France 40: 0.40% US 500: 0.22% Wall Street: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Jb7LZOruhP
USD/CAD Strategy: Long Position Entered Above 1.30

USD/CAD Strategy: Long Position Entered Above 1.30

2015-10-14 02:52:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Long at 1.3010
  • Prices Edge Higher After Producing Bullish Morning Star Candlestick Pattern
  • Long Position Triggered Looking for Resumption of Long-Term Rising Trend

The US Dollar is edging higher having put in a bullish Piercing Line candlestick pattern, hinting a reversal higher against its Canadian counterpart may be in progress. The advance would mark resumption of the longer-term rising trend in play since July 2014.

The first layer of resistance is at 1.3125, the 14.6% Fibonacci expansion, with a break above that on a daily closing basis opening the door for a test of the 23.6% level at 1.3263. Alternatively, a reversal back below the October 12 low at 1.2900 clears the way for a challenge of double top resistance-turned-support at 1.2798.

Technical positioning now looks attractive to try re-entering the ascent launched in July 2014 and we will trigger a long position, initially targeting 1.3125. A stop-loss will be activated on a daily close below the 1.2900 figure. We will take profit on half of the position and adjust the stop-loss to the breakeven level once the first objective is reached.

Losing Money Trading Forex? This Might Be Why.

USD/CAD Strategy: Long Position Entered Above 1.30

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

DISCLOSURES