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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
USDCAD: Trend-Defining Resistance in Play

USDCAD: Trend-Defining Resistance in Play

Ilya Spivak, Head Strategist, APAC

Strategy: Pending Long

USDCAD pushed higher after completing a Bullish Engulfing candlestick pattern, taking out support-turned-resistance at a rising trend line set from late February. The pair is now approaching major resistance in the 1.0014-1.0053 area, marked by a horizontal barrier in play since early November 2011 and a bias-defining falling trend line set from last year’s swing high. We will look for a daily close above this region as confirmation of a major bullish reversal to enter long.

USDCAD_Trend-Defining_Resistance_in_Play_body_Picture_5.png, USDCAD: Trend-Defining Resistance in Play

Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to

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